Stocks tumble as Powell signals inflation is ahead
CNN
US stocks tumbled Thursday after Federal Reserve Chairman Jerome Powell predicted an increase in consumer prices this summer — something investors fear will force interest rates up sooner than expected.
Powell, speaking at a conference Thursday, predicted strong job growth and increases in consumer prices as the vaccine rollout allows the economy to reopen fully. But he cautioned the Fed does not think the economy is at risk of overheating. Still, the market reacted strongly to his interview. The 10-year US government bond yield jumped and was up 0.07% at 1.54% around the time of the closing bell.More Related News
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