U.S. equities declined after Fed Reserve chairman warning of pain to the households in inflation battle

U.S. stocks declined on Friday after the Fed Reserve Chair said the Central bank will continue its battle against inflation “until the job is done “. In his remarks that were more hawkish than many investors anticipated, Powell tried to dispel any hopes for a less-aggressive monetary policy by insisting that the central bank will persist in its inflation fight, even if that means causing some near-team economic pain for American families. Subsequently, the Dow Jones declined 3% to finish at 32,283.40, S&P 500 declined 3.4% to finish at 4,057.66 while Nasdaq 100 declined 3.9% to finish at 12,141.71. The 10-year Treasury moved up 1.1 basis point to 3.034%. Gold futures for December declined 1.2% to $1,749.80 per ounce while WTI crude oil declined $0.91 to $93.98 per barrel.

U.S. stocks declined on Friday after the Fed Reserve Chair said the Central bank will continue its battle against inflation “until the job is done “. In his remarks that were more hawkish than many investors anticipated, Powell tried to dispel any hopes for a less-aggressive monetary policy by insisting that the central bank will persist in its inflation fight, even if that means causing some near-team economic pain for American families. Subsequently, the Dow Jones declined 3% to finish at 32,283.40, S&P 500 declined 3.4% to finish at 4,057.66 while Nasdaq 100 declined 3.9% to finish at 12,141.71. The 10-year Treasury moved up 1.1 basis point to 3.034%. Gold futures for December declined 1.2% to $1,749.80 per ounce while WTI crude oil declined $0.91 to $93.98 per barrel.