World stocks fall, dollar gains on Powell comments

NEW YORK - Global equities lost ground on Wednesday, snapping a three-day winning streak after the U.S. Federal Reserve held rates steady as expected but comments from Fed Chairman Jerome Powell cast doubt on whether the central bank’s next move would be a rate cut.

Stocks initially added to gains, U.S. Treasury yields fell and the dollar stayed weaker after the statement. However, all reversed course after comments from Powell suggesting a recent decline in inflation could be transitory. “So the fact that he’s basically saying we aren’t closer to a cut then we were before made the market selloff a few points.”

Still, reports on construction spending and U.S. manufacturing came in weaker than expected, sending conflicting signals about the strength of the economy.

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