American indices fell from 3% to 3.9% against the background of the announcement by Jerome Powell, head of the US Federal Reserve System (FRS), about the need to raise the rate. About to witness Investing.com data.
On August 26, indices in the US showed the worst daily dynamics for the first time in several months. The Dow Jones fell 1,008.38 points (3.03%) to 32,283.38 points. The S&P 500 fell 141.46 points to hit 4057.66, down 3.37%. At the same time, the situation is even worse with the Nasdaq, whose index fell 3.94% to 12,141.71 points.
On August 26, Powell said it was necessary to continue raising the base rate to control inflation.
Prior to that, socialbites.ca CFO and Head of Commercial Operations at ICB Fund Chen Limin declarationHe said that the data on inflation in the US and the speech of US Federal Reserve Chairman Jerome Powell at the symposium in Jackson Hole could upset the balance established in the cryptocurrency market. last seven days.
According to him, investors are in limbo as there are good reasons to believe that Powell will talk about his reluctance to begin key rate cuts in the spring of 2023.
Source: Gazeta
Barbara Dickson is a seasoned writer for “Social Bites”. She keeps readers informed on the latest news and trends, providing in-depth coverage and analysis on a variety of topics.