Stock Markets: Jerome Powell flipped the script - CNBC
Mar 23, 2023 38 secs
Then Powell's comments at the press conference would soothe investors, who'd focus on his dovish remarks (probably unintentional and to his chagrin, I'd imagine).

Indeed, Quincy Krosby, chief global strategist of LPL Financial, noted "markets are responding well to the expected 25 basis points rate hike."

Then Powell started talking about "tighter credit conditions for households and businesses" that could "easily have a significant macroeconomic effect."

This signaled that the economy could be in a worse place than many had thought, wrote CNBC's Patti Domm.

By the end of the day, the Dow Jones Industrial Average lost 1.63%, the S&P 500 fell 1.65% and the Nasdaq Composite sank 1.6%.

The good news is that the Fed forecast it'll hike interest rates only one more time — probably by another 25 basis points — before pausing.



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