Federal Reserve Board Chair Jerome H. Powell snatched the cookie jar out of the stock market's hands on Dec. 14, when he followed up an announcement of a dovish half-point interest rate increase with a warning that the Fed didn't think it had wrung enough inflation out of the economy and would keep raising rates "for some time."
The stock market, which had been riding on a sugar high for a week — with the Dow Jones industrial average gaining nearly 900 points, or nearly 3% — promptly rolled over and played dead.
Since Powell's statement, the Dow has lost more than 1,400 points, or about 4.1%.
