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Wall Street Reacts to Powell: ‘Very Clear Pushback’ on 2023 Fed Pivot

  • ‘Short and straight to the point’: Brown Brothers’ Win Thin
  • ‘Bottom line: rates need to keep going up,’ said BNY’s Jolly
A Wall Street street sign in front of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Dec. 31, 2021. U.S. stocks swung between gains and losses, with moves exacerbated by thin trading on the last session of the year.
A Wall Street street sign in front of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Dec. 31, 2021. U.S. stocks swung between gains and losses, with moves exacerbated by thin trading on the last session of the year.Photographer: Michael Nagle/Bloomberg
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Federal Reserve Chair Jerome Powell’s message to investors was short and blunt: The central bank will likely keep raising interest rates and leave them elevated for some time to battle inflation. 

In a speech of less than 10 minutes delivered at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming, Powell warned that “restoring price stability will likely require maintaining a restrictive policy stance for some time.”