• Powell and the Fed have initiated a series of rate hikes to try to curb inflation, which is at roughly 40-year high in U.S.
• Investors were apparently looking for sign Fed might slow rate hikes by end of year, as gas prices drop.
• Other major financial averages also after Powell’s news, including The S&P 500 and Nasdaq Composite, which lost 497.56 points.
• Stock prices have dropped now for two straight weeks.

Tagged: #Bidenflation