The New York Stock Exchange, which was expecting a change in the monetary policy direction (pivot) of the US central bank, the Federal Reserve (Fed), was frustrated on the 2nd (local time) by Chairman Jerome Powell’s ‘hawk’ (preferring monetary tightening) attitude.
On the same day, the Dow Jones Industrial Average of the New York Stock Exchange closed at 32,147.76, down 505.44 points (1.55%) from the previous day.
The Standard & Poor’s (S&P) 500 index fell 96.41 points (2.50%) to 3,759.69, and the tech stock Nasdaq index plunged 366.05 points (3.36%) to close at 10,524.80, respectively.
Markets cheered the Fed for hinting at the possibility of adjusting the pace of future rate hikes right following the Federal Open Market Committee (FOMC) regular meeting in November, but Chairman Powell later said in a meeting that “the final level of interest rates will be higher than expected.” It is very premature to discuss a cut-off transition.”
