new York Statements by US Federal Reserve Chairman Jerome Powell before Congress are troubling Wall Street. The Dow Jones index of standard values closed 1.7 percent lower on Tuesday at 32,856 points. The tech-heavy Nasdaq fell 1.3 percent to 11,530 points. The broad S&P 500 lost 1.5 percent to 3986 points.
The recent strong economic data suggested that the final level of interest rates is likely to be higher than previously expected, the Fed chairman said, according to the speech transcript. “Powell is repeating what we already know, but he’s not saying anything to calm markets, and investors are a little nervous about the Fed’s next move, how many rate hikes are coming and how long rates will stay high,” Robert said Pavlik, portfolio manager at wealth manager Dakota Wealth.
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