Wall Street: The indicators are red again


The New York Stock Exchange recorded limited losses today, with investors focusing on the hearing of Fed Chairman Jerome Powell before a Senate committee on anti-inflation efforts.

Powell said the US Federal Reserve is not trying to trigger a recession to tame inflation, but is fully committed to bringing prices under control even if it risks an economic downturn.

“We are not trying to provoke and I do not think we will have to provoke a recession.” Powell said at the hearing before the US Senate Banking Committee. However, admitted that recession is “definitely a possibility” and that the international events of recent months have made it more difficult to reduce inflation without causing a recession.

“Is necessary to fight inflation if we are to have a lasting period of strong labor market conditions that benefit everyone “said Powell. The Fed will look for “serious evidence” in the coming months of a slowdown in inflationary pressures before easing interest rate hikes it launched three months ago.

The head of the Fed did not rule out the possibility of even increasing the interbank rate by 100 basis points if such a move is deemed necessary, underlining that policymakers need to be flexible in dealing with changes in economic data.

The Dow Jones industrial average closed down 47.12 points (-0.15%) at 30,483.13 points.

The Nasdaq index, which is dominated by securities of technology companies, closed with a fall of 16.22 points (-0.15%), to 11,053.08 points.

The broader S&P 500 index, indicative of the general trend, closed with a fall of 4.90 points (-0.13%), to 3,759.89 points.

Meanwhile, US bond yields fell as the 10-year fell 13 basis points to 3.15% and the 2-year moved 14 basis points lower to 3.07%.

In the commodity market, the price of crude WTI “sank” 3% to $ 106.19 and the price of gold fell just 0.1% to $ 1,838 / oz.

In the foreign exchange market, the dollar fell 0.4% against the euro to $ 1.0576.

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