Stocks Sink After Fed Signals Caution on Rate Cuts, But Recover Some Losses
• Dow fell nearly 300 points initially after Fed Chair Powell said rate cut next month was premature • Powell stated at least 3 rate cuts still expected this year, matching investor expectations • Dow pared losses toward the end of Monday's session; finished down 274 points • Powell said economy currently strong, allowing Fed to take time ensuring inflation falling sustainably • Fed monitoring risks to price stability and employment; weak job growth could accelerate rate cuts