Home » Wall Street still pays words Powell (Fed) in Jackson Hole. Futures down sharply after Black Friday

Wall Street still pays words Powell (Fed) in Jackson Hole. Futures down sharply after Black Friday

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Wall Street is not recovering from the brutal sell-off that characterized last Friday’s session and which was sparked by the statements of Fed chairman Jerome Powell.

Powell confirmed the US central bank’s determination to stop inflation, admitting that the Fed will continue to raise interest rates in a way that would cause “some pain” to the US economy.

“Price stability is the responsibility of the Federal Reserve and serves as the foundation of our economy,” said Jerome Powell in his Jackson Hole speech. “Without price stability, the economy doesn’t work for anyone,” he added.

Result: the brutal sell off that raged against Wall Street led the Dow Jones to drop 1,008 points, just over 3%, suffering the worst session since May.

The S&P 500 and Nasdaq Composite plummeted 3.4% and 3.9% respectively, ending the worst session since June.

The disposals canceled the gains that all three US equity indices had reported in August, which is now nearing completion.

At 6 am Italian time, the futures on the Dow Jones capitulate by over 200 points – but they had lost more than -300 points in the last hours -; futures on the S&P 500 fell 0.81% to 4,026.25 points; futures on the Nasdaq fell by 1.16% to 12,472.75 points.

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