Fed Chairman Powell Promises Pain And Suffering To American Households and Businesses
Is Powell working hand in hand with the Dems Re-Elect a Dem Congress '22 Committee? Or is he just sadistic?
Wall Street crashed again. Pension Funds lost another 4% of their money in just one day after Powell’s Pain to Americans Promise.
Dow plunges more than 1,000 after Powell says Americans should expect ‘pain’
By Ariel Zilber and Theo Wayt
August 26, 2022 10:30am Updated
The stock market nosedived Friday after Federal Reserve Chairman Jerome Powell said American households and businesses can expect to experience “pain” and job losses as the central bank aims to bring down red-hot inflation.
“These are the unfortunate costs of reducing inflation,” Powell said. “But a failure to restore price stability would mean far greater pain.”
Powell’s comments were largely in line with the Fed’s previous talking points, but they nonetheless sent markets nosediving.
The Dow Jones Industrial Average dropped sharply following Powell’s remarks at 10 a.m. at a summit in Jackson Hole, Wyo., and continued to decline throughout the day, shedding 1,008 points to close down more than 3%. The S&P 500 fell an even sharper 3.4%.
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