At his annual policy speech at Jackson Hole in Wyoming on Friday, Federal Reserve Chair Jerome Powell clarified the central bank’s utmost priority to control inflation by increasing interest rates. He also warned that the Fed would keep pushing ahead with its hawkish stance until inflation moves closer to the target of 2%.
Powell’s speech triggered a massive sell-off in the stock market on the last day of the previous week, with broad market indices including the S&P 500, Dow Jones, and Nasdaq Composite registering sharp intraday declines.
