Fed chair Jerome Powell: Americans should expect 'pain' in fight against inflation
The Dow Jones Industrial Average fell by more than 300 points — or 0.9% — while the Nasdaq dropped by nearly 1.3% on Friday.On Wall Street, investors reacted with disappointment to Powell’s speech.“In essence, Powell is clearly stating that right now, fighting inflation is more important than supporting growth,” Jeffrey Roach, the chief economist for LPL Financial, told The Post.
Roach predicted that since “supply chains are consistently improving,” that should “continue to bring inflation rates down.” He thinks the Fed will hike interest rates by 50 basis points in September and then continue to raise them by increments of 25 basis points in subsequent meetings.
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