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Markets slip on Fed chairman Powell's comments
03:46
US
Markets slip on Fed chairman Powell's comments
A sea of red in Asia today, with all indices falling across the board after Fed chairman Jerome Powell's significantly moved markets. He said the Fed is 'not confident' it has done enough to bring inflation down and to align the policy with its 2% inflation goal. He stressed the Fed can be cautious as the "risks between doing too much and too little have come into closer balance." Inflation peaked above 9% in June last year. In 11 rate hikes that constituted the most aggressive policy tightening since the early 1980s, the Fed took its benchmark rate from near zero to a target range of 5.25%-5.5%.
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