The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on August 26, 2022, 07:16:16 pm
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Dow drops 750 points following Powell speech at Jackson Hole
by Jared Gans - 08/26/22 2:51 PM ET
The Dow Jones Industrial Average dropped more than 750 points Friday following comments from Federal Reserve Chairman Jerome Powell that the Fed will press forward with raising interest rates while inflation lingers.
Powell gave a keynote address at the Fed’s annual policy summit in Jackson Hole, Wyo., saying that the central bank would be willing to take “forceful and rapid” steps to address inflation even if it means potentially higher unemployment rates and a recession.
The Nasdaq composite also dropped more than 400 points, and the S&P 500 dropped by more than 100 points.
The Bureau of Economic Analysis revealed on Friday that inflation slowed to 6.3 percent in July from exactly a year ago. This figure is down from the 6.8 percent annual inflation rate that was reported in June.
But the Fed’s goal is to get inflation down to 2 percent, and Powell said the drop from last month is “far short” of what the Fed needs to see before it can be confident that inflation is dropping.
The Fed has already raised interest rates from a range of 0 to 0.25 percent in March to 2.25 to 2.5 percent in July. This included two consecutive increases of 0.75 percentage points, the largest monthly increases in almost 30 years.
Higher interest rates can restrain economic growth by making borrowing money more expensive and slowing consumer spending.
Powell said the Fed’s decision on how much to raise interest rates next month will be based on the data it receives.
https://thehill.com/policy/finance/3617218-dow-drops-750-points-following-powell-speech-at-jackson-hole/
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This all and 100% on Biden and his cronies. Prior to this pedophile taking office, I figured there were still 3-5 years left in this bull market.
He and his economic team are criminally incompetent. And we all now will pay.
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It's on Powell too. If he wanted to stop inflation, he would stop issuing new money. Then if Biden wanted to increase spending by another half trillion or so, he would have to go to China or the Saudis to fund it.
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It's on Powell too. If he wanted to stop inflation, he would stop issuing new money. Then if Biden wanted to increase spending by another half trillion or so, he would have to go to China or the Saudis to fund it.
Yep, Powell's contradictory policy around inflationary controls is truly sadly comical.
You hate shorting your own country but if it was possible........
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Yep, Powell's contradictory policy around inflationary controls is truly sadly comical.
You hate shorting your own country but if it was possible........
Yes, he should have stuck to his guns after he started raising rates in 2018. But he let some dumbass berate him into lowering them again.
https://www.cnbc.com/2019/09/18/trump-says-powell-and-the-fed-fail-again-have-no-guts-no-sense-no-vision.html
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Market down over 1,000 pts. I've retired from banking and finance for quite awhile now but I don't ever recall a 1,000 pt. drop!!
Dow tumbles 1,000 points for the worst day since 2020, Nasdaq drops 5%
https://www.cnbc.com/2022/05/04/stock-market-futures-open-to-close-news.html
Let's Go Brandon. FJB!!!!!!
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Yes, he should have stuck to his guns after he started raising rates in 2018. But he let some dumbass berate him into lowering them again.
https://www.cnbc.com/2019/09/18/trump-says-powell-and-the-fed-fail-again-have-no-guts-no-sense-no-vision.html
Yep
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Yes, he should have stuck to his guns after he started raising rates in 2018. But he let some dumbass berate him into lowering them again.
https://www.cnbc.com/2019/09/18/trump-says-powell-and-the-fed-fail-again-have-no-guts-no-sense-no-vision.html
What he should have done is told everyone to pound sand when Congress came asking him to print up $2 trillion just to keep Big Fat Government running.