Stock market news today: Fed Chair Powell warns more interest rate hikes

US stocks traded mostly lower on Wednesday as Federal Reserve Chairman Jerome Powell warned that more interest rate hikes are possible.

Powell said at a conference in Portugal that the Fed is still laser focused on tamping down inflation and that his decision to not hike interest rates in June does not mean that the Fed is done tightening monetary policy, adding that there could even be two more back-to-back rate hikes. "If you look at the data over the last quarter, what you see is stronger than expected growth, a tighter than expected labor market, and higher than expected inflation. So that tells us that although policy is restrictive, it may not be restrictive enough and it has not been restricted for long enough," Powell said.

Meanwhile, President Joe Biden talked up the economy and the resilience of the job market in a speech in Chicago this afternoon. Biden argued that a potential recession so many economists are worried about could be avoided.

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