Dow drops 400 points after Powell reiterates Fed will continue to raise rates to fight inflation

CNBC ^ | August 26, 2022 | Sarah Min & Tanaya Macheel

[John W]

Stocks fell sharply Friday after Federal Reserve Chair Jerome Powell said he will continue to raise rates to fight inflation in his Jackson Hole speech.

The Dow Jones Industrial Average dropped 407 points, or 1.22%. The S&P 500 fell 1.5% and the Nasdaq Composite slid 1.84%.

Those moves come after a hawkish speech out of the Fed chair as Wall Street sought information on the pace of future interest rate hikes.

"Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy," Powell said.

"It was fine. It was hawkish enough, but it wasn't over the top," said Wells Fargo's Michael Schumacher. "There was expectations for a very hawkish speech so it's hard to measure up to that."

[John W]

-879 at 3:12 PM EDT

[R_Kangel]

...... Wooohoooo..... -1,009.09

[NautiNurse]

A wild ride down the mountain this afternoon.

Are people jumping out of high rise buildings yet?

[MeneMeneTekelUpharsin]

Finished 1008 down.

[Revel]

Mine are still at .1%

[oh8eleven]

Change banks.
https://www.bankrate.com/banking/savings/rates/#best-online-savings-accounts

[central_va]

Like medieval “surgeons” they will continue to “bleed” the economy for it’s own good.

[central_va]

The Fed has no other choice. Raising rates is the only thing they can do.

BS. Destroying the young's start at life to save the old? F that. You wander why the young don't have kids?????

[central_va]

Yes, killing the patient with chemo is a cure I guess.

[HYPOCRACY]

Or you can do what this dipshit is doing and kill the patient slowly, then all at once.