Wall Street Reacts to Powell: ‘Very Clear Pushback’ on 2023 Fed Pivot

Federal Reserve Chair Jerome Powell’s message to investors was short and blunt: The central bank will likely keep raising interest rates and leave them elevated for some time to battle inflation.

In a speech of less than 10 minutes delivered at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming, Powell warned that “restoring price stability will likely require maintaining a restrictive policy stance for some time.”