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Fed’s Powell sinks stocks, raising heat on inflation

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The S&P/ASX 200 will fall almost 1.5 per cent after Jerome Powell declared the Fed won’t back down on inflation: “We will keep at it until we are confident the job is done.”

P 500 fell 3.4 per cent, the Dow Jones Industrial Average 3 per cent, and the Nasdaq almost 4 per cent., easing from a 41-year high 9.1 per cent in June.BHP Group declined 1.8 per cent in New York to $US58.88, where one NYSE-traded security is equivalent to two ordinary BHP shares. Atlassian fell 3.5 per cent to $US257.05 and Amcor fell 3.9 per cent to $US12.42.

In fact, the opposite happened. The US 10-year bond rate rose 2 basis points to 3.04 per cent but until Friday, bond prices had rallied, sinking the yield from around a 3.5 per cent peak for treasuries in June. , a former US Treasury secretary under Bill Clinton, said Mr Powell “did what he needed to do”, in comments reported by Bloomberg. The European Central Bank has a tougher assignment than the Fed, he argued, because of energy policy and politics.

 

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