Homebuilder Stocks Sink as Powell Alludes to Several Rate Hikes
- Index of homebuilders has fallen 18% so far this month
- D.R. Horton, Toll Brothers among the stocks falling Wednesday
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Homebuilder stocks tumbled, extending their selloff this month, after Jerome Powell alluded the Federal Reserve was set to raise interest rates in March and didn’t rule out the possibility of a hike at every meeting after.
Toll Brothers Inc. and D.R. Horton Inc. were among the builders that plummeted after Powell spoke at a virtual conference after the Federal Open Market Committee concluded its two-day meeting, noting that decisions have not been made on the official rate-hike path and that monetary policy needs to be “nimble.”