The Federal Reserve must continue raising interest rates and hold them at a higher level until it is confident inflation is under control even if unemployment rises, Powell said at the Jackson Hole, Wyo., symposium on Friday.
The Dow sank 1,008.38 points, or 3%, after the Fed chief’s remarks, the index’s biggest one-day drop since May. The S&P 500 and Nasdaq slid 3.4% and 3.9%, respectively. Government-bond yields edged higher.
Moderna sued rival Covid-19 vaccine makers Pfizer and BioNTech, alleging that their shot infringes on key intellectual property owned by Moderna.
U.S. households increased their spending modestly in July as they withstood historically high inflation and rising interest rates.
NBC is considering reducing the number of hours it programs in prime time in a cost-cutting move, people familiar with the matter said.
