Written by Pradeep Saran
When Wall Street declined on Friday as a result of aggressive remarks
Jerome Powell, the chairman of the Federal Reserve, stated that the battle against
The painful inflation would persist.
Futures for the Dow Jones Industrial Average YM00 dropped by more than 250 points.
or 0.8% Sunday night, while Nasdaq-100 futures NQ00 and S&P 500 futures ES00 both fell by almost 1%.
Powell stated that the Fed is committed to containing inflation in a speech on Friday in Jackson Hole, Wyoming.
which are at forty-year highs. increased interest rates
Lower inflation will result from slower growth and softer labor market conditions.
They will also cause some hardship for businesses and homes, he predicted.
The Dow Jones Industrial Average DJIA fell 1,008.38 points, or 3%, to finish the day at 32,283.40.