European Markets Set to Open Lower After Powell's Interest Rate Warning
In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell said that the Fed will"use our tools forcefully" to attack inflation that is still running near its highest level in more than 40 years. He acknowledged that rising interest rates will cause"some pain" to households and businesses.
Powell's comments were echoed by European Central Bank board member Isabel Schnabel over the weekend. Schnabel reaffirmed the view that central banks must act aggressively to tackle rising inflation, even if that means dragging their economies into a recession.Back in Europe, market participants are likely to closely monitor German inflation figures at around 1 p.m. London time.
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