Goodmorning, looks like Markets ignored Powell
from The Australian"Federal Reserve Chairman Jerome Powell conceded overnight that the higher interest rates needed to tame US inflation could cause a downturn in the world's largest economy. "It's certainly a possibility," he said at a two-day congressional hearing, before adding that they were "not trying to provoke" a recession.
Still, stocks on Wall Street rallied after Mr Powell spoke. It seems that the market has taken heart from the fact that the Chairman didn't flag even more hawkish steps to contain inflation that is running at a 40-year high."
