scorecardresearchThis statement from US Fed's Jerome Powell led to Dow's 1,000 point drop

This statement from US Fed's Jerome Powell led to Dow's 1,000 point drop

Updated: 27 Aug 2022, 09:47 AM IST
TL;DR.
  • The S&P 500 lost 3.4%, its biggest drop since mid-June, after Jerome Powell said the Fed will likely need to keep interest rates high enough to slow the economy “for some time” in order to beat back the high inflation sweeping the country.
FILE PHOTO: Federal Reserve Chair Jerome Powell attends the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 28, 2015. REUTERS/Jonathan Crosby/File Photo/File Photo/File Photo

FILE PHOTO: Federal Reserve Chair Jerome Powell attends the Federal Reserve Bank of Kansas City's annual Jackson Hole Economic Policy Symposium in Jackson Hole, Wyoming August 28, 2015. REUTERS/Jonathan Crosby/File Photo/File Photo/File Photo