Stocks extended losses after Jerome Powell signaled the Federal Reserve is in no rush to cut rates as the economy is holding up.
The equity market closed near session lows, US two-year yields spiked and the dollar climbed after Powell's remarks. Traders dialed back bets on a December rate reduction to around 55% — from 80% in the previous day.
"Powell's speech was hawkish," said Neil Dutta at Renaissance Macro Research. "I think they will still cut in December since policy remains restrictive and they want to get to a neutral setting. That said, on the economy, I think Powell (and the broader consensus) is complacent. There is more downside risk in the near-term than is being appreciated."
The S&P 500 fell 0.6% as of 4 p.m. New York time.
The Nasdaq 100 fell 0.7%.
The Dow Jones Industrial Average fell 0.5%.
Source : Bloomberg
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