*STOCKS, BITCOIN SINK AS POWELL'S 'PAIN' WARNING RATTLES WALL STREET -
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo - Wall Street ended Friday with all three benchmarks more than 3% lower, as Federal Reserve Chief Jerome Powell's signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors.
The U.S. economy will need tight monetary policy"for some time" before inflation is under control, Powell said at the event. That means slower growth, a weaker job market and"some pain" for households and businesses, he added. However, recent data highlighting continued strength in the labor market, to offset two consecutive quarters of negative economic growth, had led to some speculating a more tempered pace of hikes could be forthcoming.
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