Dow falls 299 points after Powell signals Fed will keep raising rates to contain inflation

[Pitcher]

• New Federal Reserve Chair Jerome Powell addressed Congress, detailing the central bank's outlook for monetary policy and economic growth for the coming years.
• "We've seen some data that in my case will add some confidence to my view that inflation is moving up to target," Powell told lawmakers.
• U.S. Treasury yields rose sharply during the testimony, with the benchmark 10-year Treasury note adding 5 basis points to hit 2.915 percent.

[bostonangler]

I think we all knew rates would continue to go up... How this affects the economy over the next couple of years will be interesting. People have been programmed to think low interest rates are their ticket to homes. cars. etc.. Higher rates are going to shock buyers when they realize how much less they can buy... I have read some economic stories where the thinking is if the 10 year hit 3% things could changed in the markets rather quickly.

 

B/A