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Benzinga
Benzinga
Business
Wayne Duggan

Market Weakness Continues Following Powell's Warning Of Interest Rate 'Pain': Catalysts To Watch This Week

Jerome Powell Nicholas Colas NYSE Lael Brainard United States ETF

The SPDR S&P 500 ETF Trust (NYSE:SPY) traded lower by another 0.8% on Monday morning after a 3.4% plunge Friday in the wake of bearish commentary from Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium.

Investors were hopeful that strong labor data and indications that inflation may have finally peaked in July would be good enough for the Fed to dial back its aggressive approach to monetary policy tightening at its upcoming September meeting, but Powell's comments on Friday suggest the Fed will continue full steam ahead in fighting inflation.

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