Stock Market News Today: Powell Vows 'Unconditional' Inflation Fight
Powell's relatively hawkish testimony helped lower both bond yields and commodity prices as concerns grow about a slowdown in global economic growth.
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Powell's relatively hawkish testimony helped lower both bond yields and commodity prices as concerns grow about a slowdown in global economic growth.
US futures slipped as investors digested the Federal Reserve's latest decision to raise interest rates by 75 basis points.
Central banks in England, Switzerland, Taiwan and Brazil all raised interest rates this week in a bid to tame rising inflation.
"Concerns are mounting about whether the Fed is headed towards a policy mistake, otherwise known as 'breaking something,'" LPL's Quincy Krosby said.
Higher interest rates could have a chilling effect on the economy and push mortgage rates to levels not seen in many years.