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That outlook, Powell emphasized, is only the most likely case, adding that if inflation - already higher and lasting longer than earlier expected - moves persistently upward, the Fed would act
"I think the next bear market will be worse than 2008, which will make it the worst since the Great Depression," said Jon Wolfenbarger.
The Nasdaq 100 index pulled back on Thursday after a Fed member made hawkish comments ahead of the Jackson Hole symposium. Powell’s speech will be closely eyed. APAC markets opened lower.
While expectations for market-moving revelations are low for the Fed's one-day 2021 Economic Policy Symposium, which will be held online instead of in-person in Jackson Hole, Wyoming due to virus concerns, all eyes will be on Powell who speaks at 10 a.m. EDT (1400 GMT).
There have been few major moves ahead of the Kansas Feds virtual Jackson Hole symposium, where Chair Jerome Powell on Friday may provide insight into how and when officials will start pulling back their bond market support. That will set the timetable for how soon the Fed will raise interest rates.