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Wall Street slips after Powell’s hawkish remarks

Wall Street closed lower on Monday, with stocks extending their slide after U.S. Federal Reserve Chairman Jerome Powell hinted at a more aggressive tightening of monetary policy than previously anticipated, adding to uncertainties regarding the Russian invasion of Ukraine. The central bank must move “expeditiously” to combat inflation, Powell told the National Association for Business Economics conference, adding that bigger-than-usual interest rate hikes could be deployed if needed. “Much of the news today was telegraphed last week in (Powell’s) comments,” said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts.

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