While acknowledging progress on inflation, Federal Reserve Chief Jerome Powell repeated that the central bank was not yet prepared to lower rates, which caused stocks to tremble.
As Nvidia shares dropped and Tesla shares surged, the S&P 500 had divergent movements.
The Dow Jones Industrial Average saw a 21-point decline in trading. There was little movement in the S&P 500, while the Nasdaq Composite had a 0.1% increase.
In getting inflation back down to our objective, Powell stated, “We’ve made quite a bit of progress,” at a central banking forum.
He continued, “Before we start the process of reducing type or policies of loosening policy, we want to be more confident that inflation is moving sustainably down towards 2%.”
Source (CNBC)
