US market jitters after Powell signals sharper rate hikes than expected

Soon after the the US central bank released a semi-annual report on monetary policy, which pointed to a tight labor market, robust job gains, historically low unemployment and elevated nominal wage growth, Powell appeared and informed that US interest rates will likely peak at a higher level than previously expected due to stronger economic data.

He further pointed out that January figures of employment, consumer spending, manufacturing production and inflation indicate a partial reversal of earlier softening trends.

Already perturbed markets had an immediate impact on US stocks. Stocks fell following the head of the Federal Reserve warned it could speed up its economy-rattling hikes to interest rates if pressure stays high on inflation.

Markets take hit as S&P 500 was 1.2% lower in afternoon trading. The Dow Jones Industrial Average fell 460 points, or 1.4%, to 32,970, as of 1:15 p.m. Eastern time, while the Nasdaq composite was 0.7% lower.

After several forceful moves, the Fed’s favored inflation measure, the personal consumption expenditures price index, rose slightly to reach an annual rate of 5.4 percent in January.

On the other side US job gains had surged unexpectedly in January while unemployment slipped to its lowest rate in more than five decades, despite efforts to cool the economy.

The policymakers have been concerned that elevated wages could feed into inflation, complicating the battle to rein in prices.
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