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Wall Street reversed course and posted losses on Thursday while oil gained as Federal Reserve Chairman Jerome Powell suggested the US central bank would move aggressively to curb inflation.

Powell said that a half-point interest rate increase will be”on the table” when the Fed meets in May, adding it would be appropriate to “be moving a little more quickly.”

“Powell is intimating that avoiding a recession will not be easy. That is new,” said Tim Ghriskey, senior portfolio strategist for Ingalls & Snyder in New York. Two-year yields, which are highly sensitive to interest rates, reached 2.730% on Thursday, also the highest since December 2018, before dipping back to 2.686%.

 

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