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.”
Trending Political News
Democrat Incorrectly Thinks She's 'Off the Record' and Spills the Tea on Joe Biden
A Democrat Congresswoman who incorrectly thought she was "off the record" may have just given away what President Joe Biden's plans are for 2024.
In a New York Times interview, Eleanor Randolph of the Times editorial board asked Democratic Rep. Carolyn Maloney of New York if President Biden should run it back in 2024.
Judge Ruling Gives Elon Musk Exactly What He Wants From Twitter
The number of fake Twitter accounts has been a focal point of Elon Musk in his negotiations to purchase Twitter. A judge's ruling will give him the information he desires from Twitter. Delaware Chancery Court Judge Kathaleen McCormick ruled information about fake accounts must be handed over to Musk.
“We look forward to reviewing Beykpour’s communications and will continue to seek information and witnesses until the full truth comes out,” said Alex Spiro, a Musk lawyer, per Bloomberg.
Senator Manchin Makes Painful Admission About 'Inflation Reduction Act'
It seems if a bill is called the "Inflation Reduction Act" shouldn't it actually reduce inflation? Turns out that's not the case.
On Tuesday Manchin admitted it will not make an impact "immediately." Nonpartisan analysts have said it will have a barely perceptible impact on prices.
University of Alabama Sororities Reject Remembership for Transgender Applicant
Sororities at the University of Alabama took a stand against political correctness and denied a biological male attempting to join their groups.
University of Alabama biological male student Grant Sikes attempted to join the sororities on campus but was denied. He documented his quest on TikTok and racked up millions of views, but ultimately did not achieve the goal of gaining access to a sorority.
Couple Arrested for 'Doing the Deed' on Ferris Wheel at Ohio Amusement Park
A couple was arrested and charged with public indecency when they were caught having sex on the Ferris Wheel ride at the Cedar Point, an Ohio amusement park.
You probably figured this was a couple of horny teenagers. Wrong. Per Fox 11, authorities were alerted to the incident when several bystanders, including two juveniles, witnessed David Davis and Heather Johnston, both 32, allegedly engaging in sexual acts while riding the 145-foot tall Giant Wheel ride in the park.
WATCH: Father Gives Heated Response After Hearing Doctor Ask His 3-Year-Old What His Gender Is
A new video has surfaced, exposing the gender madness the left is cooking up. An outraged father shared his experience with a California doctor who asked his 3-year-old son what his gender is.
The video was shared on Twitter by LibsOfTikTok. In the video, a man is sitting in the front seat of his car while recounting his experience with his wife and son at the doctor.
