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Wall Street slides after Powell's hawkish comments; Dow drops 235 pts

Energy stocks rise as EU mulls Russian oil embargo; Alleghany stock rises on Berkshire's $11.60-bn takeover deal

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US (Photo: Reuters)
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File Photo: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, US (Photo: Reuters)

Reuters
Wall Street's main indexes fell on Monday as Federal Reserve Chair Jerome Powell's comments sparked bets of more aggressive interest rate hikes, adding to investor concerns as the Ukraine conflict rages on.

The U.S. central bank must move "expeditiously" to bring too-high inflation to heel, Powell said in his remarks prepared for delivery to a National Association of Business Economics conference, adding it could use bigger-than-usual interest rate hikes if needed.

Traders now see a 60.7% chance of a 50-basis point rate hike at the Fed's May meeting, up from about 52% before Powell's comments. The U.S. central bank last week raised

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 21 2022 | 8:42 PM IST

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