https://finance.yahoo.com/news/stock-market-news-live-updates-april-21-2022-223058644.html
April 21, 2022
Stocks dropped and Treasury yields climbed Thursday afternoon after Federal Reserve Chair Jerome Powell suggested he saw the case for front-loading interest rate hikes with 50 basis-point increases in order to quickly address persistent inflationary pressures.
"It’s absolutely essential to restore price stability. Without price stability, really economies don’t work without price stability. We need that to have a strong labor market over an extended period of time. We need it for financial stability. So we must do that.” “We really are committed to using our tools to get 2% inflation back," he added. "It is appropriate in my view to be moving a little more quickly. And I also think there is something in the idea of front-end loading … that points to the direction of 50 basis points being on the table.”
San Francisco Federal Reserve President Mary Daly also suggested in an interview with Yahoo Finance that she would back a larger-than-typical 50 basis point interest rate hike following the Fed's May meeting given current price pressures.
Plus, the so far mixed quarterly earnings results this reporting season have stirred up uncertainty over whether corporate profits will be able to bolster equity markets operating in an already challenging economic environment.
In the second paragraph, I stuck in all the quotes by Jerome Powell that were throughout the article so they are in one place.
50 basis points is 0.50%.
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