abc.net.au/news/wall-street-slumps-as-federal-reserve-raises-rates-75bps/101610186The US Federal Reserve chair has signalled rate rises may soon slow, after delivering another 0.75-of-a-percentage-point rise, but has given no indication as to when they will stop, sending Wall Street tumbling.
Regardless of how fast the Fed moves, Mr Powell said, "there's some ground to cover" for the target federal funds rate to reach a "sufficiently restrictive" level that will slow inflation, adding that the final destination was "very uncertain … we're going to find it over time". The S&P 500 index slumped 2.5 per cent, the tech-heavy Nasdaq Composite tumbled 3.4 per cent and the blue chip Dow Jones Industrial Average fell a more modest 1.6 per cent.
Investors were expecting a signal the Fed might ease up on its pace of tightening after a blistering run that raised the policy rate from near zero in March to what is now a range of between 3.75 per cent and 4 per cent — the fastest monetary tightening since the early 1980s.
Watch it all crash and burn. It's all going down.
Federal Reserve doing a 'Comey'.
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