Market reacts as FED continues the rate hike
Federal Reserve Chairman Jerome Powell re-emphasized again on rate hikes continuum!
On his press conference that the central bank has ‘a ways to go’ in tightening policy enough to bring inflation down to its 2% target, and for that reason, it’s premature to talk about pausing rate increases.
Tweet on market reaction to FED rate hikes
Stocks Fall to Session Lows
Losses in the stock market are worsening after Fed Chair Jerome Powell concluded his post-meeting press conference.
The tech-heavy Nasdaq is down 2.2%, while the S&P 500 is down 1.5%, via @FactSet pic.twitter.com/UkeYEe1a8Z
— The_Journalbiz (@the_journalbiz) November 2, 2022
FactSet chart on market reaction
“We have some ground to cover with interest rates,” he said, adding that “there’s no sense that inflation is coming down.”
He said the Fed wants to avoid the mistake of pausing tightening too soon, and he wants people to understand the Fed’s commitment to restoring price stability.
Losses in the stock market are worsening after Fed Chair Jerome Powell concluded his post-meeting press conference.
The tech-heavy Nasdaq is down 2.2%, while the S&P 500 is down 1.5%, near their lows of the session.
