Australian shares to open 1.5pc lower; Nasdaq plunges 3.9pc; $A falls to US68.85¢; MinRes, Adore, Sezzle to report results. Follow the latest here.
on interest rates unleashed panic on Wall Street, declaring the Fed must keep tightening until inflation is defeated.
Mr Powell’s resolve to avoid the mistakes of the late 1970s and crush inflation before it sinks the world’s largest economy tanked US stocks on Friday, as traders realised the Fed would not back down from its mandate in the face of slowing growth. Jerome Powell, chairman of the US Federal Reserve, from right, Lael Brainard, vice chair of the board of governors for the Federal Reserve System, and John Williams, president of the Federal Reserve Bank of New York, during a break at the Jackson Hole economic symposium on Friday.Investors believe it will galvanise other central banks to keep raising interest rates despite warnings it will drag the world into recession.
The Fed chairman framed higher rates, a slump in economic activity, and an increase in unemployment as “unfortunate costs of reducing inflation”. “But a failure to restore price stability would mean far greater pain,” Mr Powell said in
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