Wall Street's main indexes fell on Wednesday as Federal Reserve Chair Jerome Powell remained firm in bringing inflation back to 2% target, spurring worries of more monetary tightening.
"Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go," Powellin his prepared remarks ahead of his testimony before the House Financial Services Committee at 10 a.m. ET.
Money markets still expect only one rate hike of 25 basis points in July by the U.S. central bank for the rest of the year, according toMegacap companies struggled to gain as yields on the 2-year treasury notes, which move in line with interest rate expectations, rose marginally after Powell's comments.leading the declines, with a 0.8% drop.
"We probably won't see 2% inflation for four years unless the Fed gets overly aggressive and pulls a Volcker, and that's not in the cards," said Peter Cardillo, chief market economist at Spartan Capital Securities. In the previous session, Wall Street's main indexes fell as investors booked profits in the wake of a sustained market rally amid signs of weakening global demand. Still, the benchmark S&P 500
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