STOCK MARKETS IN US FELL FOLLOWING AN INCREASE RATE WARNING

  • 27/08/2022

Stock markets in the United States finished the week sharply lower following harsh remarks from the head of the country's central bank, the Federal Reserve.

Jerome Powell, the bank's chairman, stated that interest rates must be raised indefinitely to prevent inflation from becoming a permanent feature of the US economy.

His words sent US stocks into free fall, with markets falling 3%.

It comes at a time when Americans are having to pay more for basic necessities.

The world's largest economy is experiencing four-decade-high inflation.

Mr Powell said during a highly anticipated speech at a conference in Wyoming on Friday that the Federal Reserve would likely impose further interest rate hikes in the coming months and that they could remain high "for some time."

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