The S&P 500 and Dow were in the red on Wednesday on the prospect of further interest rate hikes after the Federal Reserve's chair Jerome Powell said that he did not see inflation falling to the central bank's target rate any time soon.
said the Fed will likely raise rates further and did not rule out a boost in the cost of borrowing at the next policy meeting scheduled for the end of July. He said he does not inflation reaching the Fed's 2% target "this year or next year."
"The concern is about Powell's comments that we're just not done with the rate hiking cycle, that inflation is still too strong ... the market has to accept that the Fed is not done hiking rates," said Phil Blancato CEO Ladenburg Asset Management adding that Powell is "not wrong." Blancato also pointed to seasonal trends ahead of the July 4 U.S. Independence Day holiday "after an incredible first six months of the year for growth stocks" and said: "The market's more than happy to take a breather here."
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