North American stock markets were down sharply Friday as investors reacted negatively to a speech by Federal Reserve chair Jerome Powell in which he said he…
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That wasn’t what happened, however. Powell’s speech was far more hawkish in tone, as he made it clear that interest rates will need to continue to rise and will stay high for longer than many investors had hoped.Article content Commodities, too, took a hit, with gold down significantly. The U.S. dollar rose significantly against most major currencies as the 10-year Treasury yield, which follows expectations for longer-term economic growth and inflation, rose to 3.04% from 3.03% late Thursday.
“I think we’re going to be in for periods of volatility as rates continue to tighten,” he added. “I think it’s probably going to be a little bit more of a sideways choppy market for the foreseeable future, until we get close to the end of the hiking cycle.”Article content
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