Weak readings on retail sales and manufacturing sent ripples through the markets 24 hours after Fed policymakers said interest rates will rise to 5.1% in 2023, higher than initial forecasts, in the quest to bring the 7.1% inflation rate down.
"The largest amount of pain, the worst pain would come from a failure to raise rates high enough and from us allowing inflation to become entrenched in the economy," Fed Chairman Jerome Powell said on Wednesday during his press conference following the central bank's 50-basis-point rate hike.
We are all waiting for it.
Thanks Joe!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks are plunging because the Fed 'cannot lose the battle' on inflationThe Dow shed about 800 points Thursday after the Federal Reserve suggested investors should brace of a 5% policy rate with staying power. Central banks & the Fed are cashing in Thought that was a middle finger at first. Had to double take.
Source: MarketWatch - 🏆 3. / 97 Read more »
Stock Market Today: Dow Declines 600 Points; Retail Sales Data Adds to Recession FearsThe Dow fell more than 300 points at the open, extending Wednesday's losses after the Fed signaled rates may have to move higher than previously thought My name is Mark and I give loan to people who needs it, but promise to pay me back when it's time , same to people who needs it to start a business to only people in US ,Europe and Asia In one month that will look like a good Open.... See me in 5 weeks 😉 Waiting for Biden’s presser to brag about it… Oh… wait… that’s not a good thing?… nevermind.
Source: WSJ - 🏆 98. / 63 Read more »