News Wrap: Fed Chair Powell defends aggressive rate hikes, admits recession is possible

The Dow Jones, S&P 500 and Nasdaq 100 plunged after the Federal Reserve stepped up efforts tame runaway inflation with a 75bps rate hike. The economic docket is light, but volatility remains ripe.The Dow Jones, S&P 500 and Nasdaq 100 plunged after the Federal Reserve stepped up efforts tame runaway inflation with a 75bps rate hike. The economic docket is light, but volatility remains ripe.

Dow Jones, S&P 500 and Nasdaq 100 Outlook for the Week Ahead – Not Looking Good

Here is what you need to know on Wednesday, June 22: The dollar is capitalizing on safe-haven flows early Wednesday and gathering strength against itsHere is what you need to know on Wednesday, June 22: The dollar is capitalizing on safe-haven flows early Wednesday and gathering strength against its

Forex Today: Dollar regains strength as focus shifts to Powell's testimony

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NEW YORK : The dollar fell on Wednesday as U.S. Treasury yields slid on fears the U.S. economy could slide into recession after Federal Reserve Chair Jerome Powell said higher rates are painful but are the means the U.S. central bank has to slow inflation.The Fed is not trying to engineer a recession to hNEW YORK : The dollar fell on Wednesday as U.S. Treasury yields slid on fears the U.S. economy could slide into recession after Federal Reserve Chair Jerome Powell said higher rates are painful but are the means the U.S. central bank has to slow inflation.The Fed is not trying to engineer a recession to h

Dollar eases as growth fears push yields lower - CNA

Federal Reserve Chairman Powell answers questions from a Senate committee Wednesday. He's sure to be asked about inflation and possible fallout from the Fed's efforts to bring prices under control.Federal Reserve Chairman Powell answers questions from a Senate committee Wednesday. He's sure to be asked about inflation and possible fallout from the Fed's efforts to bring prices under control.

Fed chairman will testify before a pair of Congressional committees this week | KALW

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Testifying before the Senate Banking Committee, the Fed chief ceded that the bank’s ongoing series of interest rate hikes could slow the economy enough to halt job gains and economic growth — the two signs of an economy in retreat.Testifying before the Senate Banking Committee, the Fed chief ceded that the bank’s ongoing series of interest rate hikes could slow the economy enough to halt job gains and economic growth — the t…

Fed chief says recession ‘a possibility’ as bank hikes rates | FOX 56 News

The USD is stronger ahead of the Fed chair Powell's testimony on Capitol HillThe USD is stronger ahead of the Fed chair Powell's testimony on Capitol Hill

The JPY is the strongest and the NZD is the weakest as the NA session begins | Forexlive

The chairman of the Federal Reserve spoke at a Senate Banking Committee earlier today, conceding that interest rates won't decrease gas or food prices.The chairman of the Federal Reserve spoke at a Senate Banking Committee earlier today, conceding that interest rates won't decrease gas or food prices.

Rate hikes won’t solve high prices for gas, food, Fed Chair concedes | WRAL TechWire

After what might be the worst first six months of the trading year for the S&P 500 since the 1970s, US stocks were ready to turn positive over the slightest hint that the Fed may change their aggressive tightening course. Equities rallied after Powell said the Fed will need to be nimble in responding […]

Powell signals Fed needs to be nimble, Canada Inflation hits near 40-year high, bitcoin tries to hold USD20k - MarketPulseMarketPulse

The Dow, S&P 500 and Nasdaq end the session with modest losses after Federal Reserve Chair Jerome Powell reiterated his commitment to combat inflation in congressional testimony.The Dow, S&P 500 and Nasdaq end the session with modest losses after Federal Reserve Chair Jerome Powell reiterated his commitment to combat inflation in congressional testimony.

Stock recovery falters after Fed chief acknowledges recession risk - The Washington Post

Two-year Treasury yields fell to 3.094%Two-year Treasury yields fell to 3.094%

Treasuries: Yields fall on growth fears before Powell testimony

The Federal Reserve is “strongly committed” to bringing down inflation that is running at a 40-year high and policymakers are acting “expeditiously to do so,” U.S. central bank chief Jerome Powell said on Wednesday. “It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions ...

Fed ‘strongly committed’ to bring down inflation ‘expeditiously,’ Powell says | Hellenic Shipping News Worldwide

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved higher and far more persistent than he or the Fed’s staff economists […]WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell …

Fed’s Powell facing rising criticism for inflation missteps | WesternSlopeNow.com

U.S. central bank chairman Jerome Powell was under fire from federal lawmakers on Wednesday over soaring prices of all goods and services. Powell suggested more inflationary surprises could be on the horizon.U.S. central bank chairman Jerome Powell was under fire from federal lawmakers on Wednesday over soaring prices of all goods and services. Powell suggested more inflationary surprises could be on t…

Fed chairman remains committed to getting inflation down | CGTN America

All eyes are on Federal Reserve testimony this week as investors fret that large interest rate increases raise the risk of recession.All eyes are on Federal Reserve testimony this week as investors fret that large interest rate increases raise the risk of recession.

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Wall Street's main indexes have ended little changed in choppy trading after Federal Reserve Chair Jerome Powell spoke...Wall Street's main indexes have ended little changed in choppy trading after Federal Reserve Chair Jerome Powell spoke...

Wall Street dips after Powell remarks | The Armidale Express | Armidale, NSW

The prime concern of the Street is whether the Fed will go too far to keep inflation on a tight leash, potentially setting the stage for recessionThe prime concern of the Street is whether the Fed will go too far to keep inflation on a tight leash, potentially setting the stage for recession

Moneycontrol Pro Weekender | When Jerome Powell sneezes…

The Dow closed Wednesday down 47 points, 0.2, at 30,483, the Nasdaq Composite lost 16 points, 0.2%, to 11,053 and the S&P 500 ticked down 5...

US benchmarks can't sustain an initial rally after Fed chair Jerome Powell's Congressional testimony brings no surprises

It’s ‘absolutely essential’ to ‘restore price stability,’ Fed chair tells lawmakersIt’s ‘absolutely essential’ to ‘restore price stability,’ Fed chair tells lawmakers

Powell: Fed aiming to avoid recession amid inflation fight | Investment Executive

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Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.

Powell says recession 'a possibility' but not likely | 91.5 KIOS-FM

Federal Reserve Chair Jerome Powell reiterated his stance that ongoing rate increases will be appropriate and the pace of those changes will depend on incoming data, in his...Federal Reserve Chair Jerome Powell reiterated his stance that ongoing rate increases will be appropriate and the pace of those changes will depend on incoming data, in his...

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Fed's Powell weighs on recession risks, reaffirms commitment to aggressive rate hikes | Kitco News

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

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The Federal Reserve boss said there was “certainly a possibility” that higher interest rates would lead to a recession – though that’s not his expectation.The Federal Reserve boss said there was “certainly a possibility” that higher interest rates would lead to a recession – though that’s not his expectation.

The Australian Financial Review

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US stocks are set to fall sharply on the open after yesterday’s rally proved to be short-lived and as all eyes are on Fed Chair Powell as his two-day testimony before Congress begins.US stocks are set to fall sharply on the open after yesterday’s rally proved to be short-lived and as all eyes are on Fed Chair Powell as his two-day testimony before Congress begins.

Stocks tank on recession fears ahead of Powells testimony

Republicans and Democrats on Capitol Hill are expected to skewer Federal Reserve Chairman Jerome Powell this week over the hottest inflation in four decades.Republicans and Democrats on Capitol Hill are expected to skewer Federal Reserve Chairman Jerome Powell this week over the hottest inflation in four decades.

Fed's Powell in congressional hot seat over inflation blunder | Fox Business

On Wednesday, Chairman Powell tried to assure the public that the Federal Reserve could engineer a "soft landing. On Thursday, President Biden was similarly hopeful, claiming that a recession is “not inevitable.” That same day, investors splashed cold water on Biden and Powell’s hopes. After the Fed’s announcement, markets briefly rallied before tumbling yet again. Yet it’s not just traders who beg to differ with the rosy optimism emanating from the White House and the Fed, but economic reality itself. Biden and Powell are in denial. A soft landing is impossible, a recession is inevitable, and it is their own policies that made it so.On Wednesday, Chairman Powell tried to assure the public that the Federal Reserve could engineer a "soft landing. On Thursday, President Biden was similarly hopeful, claiming that a recession is “not inevitable.” That same day, investors splashed cold water on Biden and Powell’s hopes. After the Fed’s announcement, markets briefly rallied before tumbling yet again. Yet it’s not just traders who beg to differ with the rosy optimism emanating from the White House and the Fed, but economic reality itself. Biden and Powell are in denial. A soft landing is impossible, a recession is inevitable, and it is their own policies that made it so.

Biden and Powell Are in Denial—A Recession Is Indeed “Inevitable” - Foundation for Economic Education

Recession worries are once again preying on investors, who will watch Fed boss Jerome Powell's testimony later for hints on the path of interest rates.Recession worries are once again preying on investors, who will watch Fed boss Jerome Powell's testimony later for hints on the path of interest rates.

Stock Market Today: Dow Futures Fall 350 Pts As Rally Fizzles, Oil Slides

The US central bank last week announced the most aggressive interest rate increase in nearly 30 years and promised more action to come to combat the price surge, with gas and food costs soaring and millions of Americans struggling to make ends meet.The US central bank last week announced the most aggressive interest rate increase in nearly 30 years and promised more action to come to combat the price surge, with gas and food costs soaring and millions of Americans struggling to make ends meet.

jerome powell: US could face more inflation 'surprises': Fed's Jerome Powell - The Economic Times

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In his prepared remarks before the Senate Banking Committee, Powell reiterated that ongoing increases in the policy rate would be appropriate, but the pace of the changes will continue to depend on the incoming data and the evolving outlook for the economyIn his prepared remarks before the Senate Banking Committee, Powell reiterated that ongoing increases in the policy rate would be appropriate, but the pace of the changes will continue to depend on the incoming data and the evolving outlook for the economy

Wall Street: Tech-heavy Nasdaq turns positive after Powell's remarks | Mint

(The Center Square) – Federal Reserve Chair Jerome Powell said the U.S. could enter into a recession when questioned Wednesday during a Senate Banking Committee hearing.(The Center Square) – Federal Reserve Chair Jerome Powell said the U.S. could enter into a recession when questioned Wednesday during a Senate Banking Committee hearing.

Federal Reserve Chair Powell says during Senate hearing that a recession is possible | National | mainstreet-nashville.com

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Federal Reserve Chair Jerome Powell testified in Congress on Wednesday that the central bank remains determined to keep hiking interest rates high enough to cool red-hot inflation, acknowledging that recession is "certainly a possibility" but insisting the American economy is robust enough to withstand tighter financial conditions.Federal Reserve Chair Jerome Powell testified in Congress on Wednesday that the central bank remains determined to keep hiking interest rates high enough to cool red-hot inflation, acknowledging that recession is "certainly a possibility" but insisting the American economy is robust enough to withstand tighter financial conditions.

Powell Says Recession ‘Certainly a Possibility’ as Fed Is Determined to Hike Rates to Tame Inflation

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Powell says will assess further interest rate hikes on a ‘meeting by meeting’ basis.Powell says will assess further interest rate hikes on a ‘meeting by meeting’ basis.

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The sliding faith in Federal Reserve Chair Jerome Powell also marks another low in the relationship between the business world and Washington.The sliding faith in Federal Reserve Chair Jerome Powell also marks another low in the relationship between the business world and Washington.

Inflation’s main culprit? CEOs zero in on Powell’s Fed - POLITICO

Senator Elizabeth Warren criticizes the Fed’s rate moves, expressing fear that rate hikes will ‘drive this economy off a cliff’Senator Elizabeth Warren criticizes the Fed’s rate moves, expressing fear that rate hikes will ‘drive this economy off a cliff’

Fed chief vows to keep raising rates until ‘compelling evidence’ of falling inflation | US economy | The Guardian