Posted on 08/26/2022 8:05:26 AM PDT by 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."
(Excerpt) Read more at stocks.apple.com ...
But diaper brain Joe said we had ZERO inflation.
pricing in inflation from debt relief?
No worries...the inflation tax raise/bill is going to take care of that problem (extreme sarcasm)
The media propagandists have been practically salivating over Dear Leader’s “achievements” these past few weeks. I wonder if they’ll say anything about this little development, or just continue to blame it on Putin, or Trump, or the Republicans.
Powell told the truth. There will be pain and we’ll just have to suck it up. Let’s go, Brandon!
Definitely a stock pickers market as we trend sideways for a couple years.
Recession and inflation. Yet the Democrats still managed to win NY 19. Are the American people really that vapid and stupid?
Those in NY19, yes.
32,742.61
▼ 549.17 (1.65%) today
August 26, 11:20 AM EDT · Market Open
Thousands of mules around the country trained and equipped with false ballots and directions to drop boxes. We may be in for a shock on Election Day. I certainly hope not.
The Fed has no other choice. Raising rates is the only thing they can do.
Eventually, it will cause people to buy less big ticket items.
Houses, cars, boats. Take less vacations. Choose what they are going to spend their money on.
Not remotely enough to cull hyper-inflation. This new spending bill will have us see Venezuelan levels. Interest rates will need to hit 18% to stop this crap.
I remember old bonds at 18% when I started trading zeros. Insane to contemplate in this age of artificially low rates. Eventually market forces will win and interest rates will skyrocket.
Volcker knew this and got ahead of it. The only competent guy Carter ever appointed.
18% may not be enough. These are uncharted waters.
Joey has made the Fed’s work much harder. normally fiscal and monetary policy would coordinate to stem inflation, but Joe et al continue devaluing the currency with their spending. if we continue to decline economically Joe will blame Powell - but the upshot is the D’s don’t care what destruction or pain they bring to the People as long as they have Solyndra 2.0 and Central Planning.
Anyone seen interest rates for savings account raise yet?
“Are the American people really that vapid and stupid?”
Oh yes they are. If they were any dumber, they’d forget to breathe.
“Eventually, it will cause people to buy less big ticket items.
Houses, cars, boats. Take less vacations. Choose what they are going to spend their money on.”
Resulting in a big jump in unemployment and possibly deep recession.
Powell will have to raise more than he planned after Biden decided to give half a trillion dollars to people who are mostly upper middle and upper class. That means more inflation.
If the FED doesn’t raise by at least .75% next meeting, it will be losing ground to inflation.
Yes - “In the past few weeks, Ally has made the jump from 1.60% to 1.75%, and now 1.85% APY.”
Take the buying opportunities. Better days are ahead.
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