August 9, 2022

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Stock Market Today – 6/30: Stocks End Lower as Powell Warns of ‘Pain’ Required to Tame Inflation

Current at 4:15 pm EST

Shares concluded decrease Thursday as worldwide stocks closed out their worst initially-50 % commence on record amid issues that central lender level hikes, aimed at taming inflation, will rather idea big globe economies into economic downturn.

That see was largely underscored by responses from Federal Reserve Chairman Jerome Powell, who instructed a meeting of central bankers in Portugal that failing to restore cost steadiness would be a greater danger to the world overall economy than a economic downturn brought on by charge hikes.

“The method is highly possible to involve some soreness but the worst suffering would be from failing to deal with this substantial inflation and allowing for it to become persistent,” Powell advised the European Central Bank’s once-a-year plan discussion board in Sintra.