⚠️BREAKING: *GLOBAL STOCKS DROP, YIELDS RISE AS FED'S POWELL STICKS TO HAWKISH STANCE -
NEW YORK - U.S. stocks ended a volatile session lower while Treasury yields were up Wednesday as the U.S. Federal Reserve delivered a three-quarters of a percentage point interest rate hike and Fed Chairman Jerome Powell said it was too soon to speculate over a pause in rate hikes.Stocks initially jumped and yields extended declines after the U.S. central bank announced the rate hike as expected, and signaled that future increases in borrowing costs could be made in smaller steps.
But markets sharply reversed course after Powell, in remarks during a news conference after the announcement, said"it is very premature to be thinking about pausing" on the effort to lift the federal funds target rate. "The market's response was positive until the press conference," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina.
Powell"didn't waver in his commitment towards restoring price stability, and obviously the market was not pleased with that," she said. The Fed has been aggressively raising rates in order to bring down inflation, and investors have been speculating over when it could get less aggressive in its tightening cycle.
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