*STOCKS, BITCOIN SINK AS POWELL'S 'PAIN' WARNING RATTLES WALL STREET -
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo - Wall Street ended Friday with all three benchmarks more than 3% lower, as Federal Reserve Chief Jerome Powell's signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors.
The U.S. economy will need tight monetary policy"for some time" before inflation is under control, Powell said at the event. That means slower growth, a weaker job market and"some pain" for households and businesses, he added. However, recent data highlighting continued strength in the labor market, to offset two consecutive quarters of negative economic growth, had led to some speculating a more tempered pace of hikes could be forthcoming.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD jumps to 1.3000 after Powell as Wall Street tumblesThe USD/CAD bounced sharply on Friday after Powell’s speech and amid a sharp decline in equity prices in Wall Street. The pair climbed from 1.2920 to
Read more »
Stocks hit session lows, with the Dow losing 700 points as Powell's warnings rattle Wall StreetThe Fed chair delivered a hawkish speech outlining the central bank's campaign to rein in rising prices.
Read more »
S&P 500 rises as Wall Street seeks cues from the Federal Reserve at Jackson HoleThe Federal Reserve's Jackson Hole symposium is in focus for investors as it kicks off Thursday.
Read more »
Biden's student loan relief won't fuel inflation, Wall Street saysWall Street's message to Main Street: Don't worry, because the impact of the student-debt relief program on inflation will be small, and perhaps not even measurable.
Read more »
Mnet Issues Apology For “Street Man Fighter” Producer’s Controversial Comment Comparing Show To “Street Woman Fighter”The production team of “Street Man Fighter” has issued an apology for comments made during the program’s press conference. On August 23, “Street Man Fighter” held a press conference where chief producer (CP) Kwon Young Chan compared the program to the original female version “Street Woman Fighter.” He commented, “If there was jealousy and greed
Read more »