Stocks saw a slight decline on Monday morning following U.S. Federal Reserve Chair Jerome Powell’s statement that tempered investor expectations for imminent interest rate cuts.
The Dow Jones Industrial Average decreased by 123 points, or 0.3%, while the S&P 500 and Nasdaq Composite both experienced slight declines of 0.2% and 0.1% respectively.
In a recent interview on “60 Minutes,” Powell stated, “We want to see more evidence that inflation is moving sustainably down to 2%. Our confidence is rising, but we require additional reassurance before considering a reduction in interest rates.”
These statements reinforce Powell’s earlier remarks made after the Fed’s recent monetary policy meeting, where he indicated that a rate cut in March was unlikely following the decision to keep interest rates unchanged.
Source (CNBC)
