Continue to raise interest
Powell’s speech came during the Council’s annual Monetary Policy Forum US Federal Reserve Kansas City in Jackson Hole, Wyoming, where he reiterated that the Federal Reserve would continue to raise interest rates and continued as well for a period of time to reduce inflationwhich reduced the recent rises witnessed US stocks Driven by expectations that monetary policy makers will reverse the path of strong monetary tightening soon.
dip indicatorStandard & Poor’s 500By 3.4%, to record the worst daily declines since mid-June.Nasdaq 100which includes major technology companies, including:Microsoft“، “Amazon“، “Tesla” And”Alphabetby more than 4%.
read more: A sharp decline in US stocks, under pressure from heading towards more monetary tightening
Investors bet that the worst is over following US stocks recorded the strongest monthly rise last July since November 2020, which contributed to reducing the declines that hit the fortunes of billionaires this year, as the richest 500 people in the world lost 1.4 trillion dollars in the first half of 2022, in the largest drop in wealth. The richest people on the planet in six months.
On the other hand, Powell’s speech recalled that ratings technology companies The giant is still high by historical standards, having soared unprecedentedly during the Covid-19 pandemic, when interest rates were fixed near zero.
