Stocks fall after Powell says Fed could deliver bigger rate hikes, but end off session lows

U.S. stocks fell Monday after Federal Reserve Chairman Jerome Powell said policy makers could lift interest rates by more than a quarter of a percentage point in future meetings as they battle inflation that was already running too high before the Russia-Ukraine war pushed up commodity prices.

Equities finished well off session lows, however, trimming losses ahead of the closing bell. The Dow Jones Industrial Average DJIA, -0.58% ended with a loss of around 202 points, or 0.6%, near 34,553, according to preliminary figures, after falling more than 400 points at its session low. The S&P 500 SPX, -0.04% finished around 2 points lower, a loss of less than 0.1%, near 4,461, while the Nasdaq Composite COMP, -0.40% shed around 55 points, or 0.4%, to close near 13,838.

How many fn times are we going to bring this up about raising rates and saying its why price is dropping. Are people still selling on this same old old old old news. Jesus. Rumor has it there is inflation

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Powell Says Fed Will Consider More-Aggressive Interest-Rate Increases to Reduce InflationFederal Reserve Chairman Jerome Powell said the central bank is prepared to raise interest rates in half-percentage-point steps and high enough to deliberately slow the economy if it concludes such steps are warranted to bring inflation down They’re going to have to increase QE by $1T per year to get just three of these rate hikes and keep the US paying its interest payments. Creating a new property bubble, one which will put mortgage owners in negative equity... what's the plan of action Joe?
Source: WSJ - 🏆 98. / 63 Read more »