US stocks fall as investors continue to digest Fed Chairman Jerome Powell’s hawkish outlook

  • US stocks opened lower on Wednesday as investors processed Jerome Powell’s comments.
  • The chairman of the Federal Reserve said Tuesday that base rates are likely to rise.
  • On Wednesday, New York Fed President John Williams echoed Powell’s words.

US equities were lower at the open on Wednesday as investors reflected worries about higher benchmark interest rates.

A day earlier, Federal Reserve Chairman Jerome Powell warned that Friday’s strong jobs report could mean further rate hikes going forward beyond what the market has priced in. However, he also reiterated that disinflation had already begun.

On Wednesday, New York Fed President John Williams echoed Powell’s words, warning that jobs remain strong and that policymakers still have more work to do to raise rates while the outlook for inflation remains uncertain.

Here’s where the US stocks were at the open at 9:30 am on Wednesday:

Here’s what else is happening:

  • Tesla CEO Elon Musk says his electric car company has a “bright future”.
  • Former Coinbase employees plead guilty to insider trading.
  • Cryptocurrency exchange Binance has been thriving since rival firm FTX collapsed despite the recent digital token sell-off.

In commodities, bonds and cryptocurrencies:

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button