The Dow dropped over 1,000 points Friday after a warning from Federal Reserve Chair Jerome Powell that the central bank is going to continue its fight against inflation for the foreseeable future.
Powell's comments weighed heavily investors as the market took a massive dip Friday, including:
- The Dow closed down 1008 points or 3%.
- The S&P 500 dropped 3.4%.
- The Nasdaq Composite closed 3.9% lower.
Over the course of the week, the Dow fell by 4.2%. The S&P 500 and Nasdaq Composite were down 4% and 4.4%, respectively.
Federal Reserve Chair Jerome Powell delivered a stark message Friday: The Fed will likely impose more large interest rate hikes in coming months and is resolutely focused on taming the highest inflation in four decades. https://t.co/ih0C9aKNpw
— The Associated Press (@AP) August 26, 2022
“These are the unfortunate costs of reducing inflation,” Powel said during his speed at the Fed’s annual economic symposium in Jackson Hole. “But a failure to restore price stability would mean far greater pain.”
“The historical record cautions strongly against prematurely” lowering interest rates, he continued. “We must keep at it until the job is done.”
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