Powell Dashes Hopes of Policy Pivot, Warning More Rate Hikes May Be Needed to Tame Inflation
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Fed Chair Powell dashed market hopes of a policy pivot, saying rates may still need to rise to tame inflation. This sent stocks and bond yields lower.
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Powell warned the Fed is "not confident" it has achieved a sufficiently restrictive policy stance yet to curb inflation.
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Asian shares skidded to one-week lows following Powell's hawkish comments. Investors now await speeches by ECB's Lagarde.
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U.S. Treasury yields climbed and the dollar strengthened against the yen after Powell’s remarks.
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Walt Disney delayed several major movie releases including Marvel's "Blade" and a new "Deadpool" film due to the end of the actors' strike.