Federal Reserve Bank of St. Louis President James Bullard, one of the most vocal policy makers in recent months arguing to raise interest rates, sounded a more cautious note Thursday by saying the latest decline in oil prices may delay the return of inflation to the central bank’s 2 percent…

Traders are betting that two U.S. interest- rate increases could be too many in 2016.

U.S. stocks rallied, with the Dow Jones Industrial Average clawing back some of Wednesday’s selloff, as oil’s advance beyond $31 a barrel bolstered energy producers and helped stabilize global markets rattled by concerns over China and sliding commodity prices.

Japanese stocks fell, capping its second weekly loss of the year, as oil prices failed to sustain a rebound and Chinese shares declined.

Jeffrey Gundlach and Larry Summers are joining derivatives traders in saying the Federal Reserve is too ambitious in its plans to raise interest rates against a backdrop of slowing global economic growth.

Stocks tumbled around the world, with U.S. equities sinking to their lowest levels since August, and bonds and gold jumped as oil’s plunge below $30 sent markets reeling. Treasuries extended gains as economic data and earnings added to concern that global growth is faltering.