US stocks plunged to end the week lower as investors digested hawkish comments from Fed Chair Jerome Powell in Jackson Hole, Wyoming.
He signaled that the central bank will continue to raise interest rates and keep them at higher levels until inflation is tamed, dashing hopes they will start coming down soon. Powell also warned that rate increases will"bring some pain to households and businesses," adding that such hardship is the cost of reducing inflation.
"Key message: expect more volatility and tougher conditions for equities," he said."Good news in the economy is going to be bad news for stocks and vice versa. The Fed is going to remain aggressive at the expense of growth, and has a high bar to back off."
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