SIDU - Why Are Stocks Down Today?
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Investors wondering why stocks are down today can look to the recent words from Federal Reverse Chairman Jerome Powell.
In his first statement of the year, Powell spoke about the Fed’s plans for the central bank in 2023. That includes the organization’s ongoing battle with inflation. Powell notes that inflation remains too high and the central bank intends to keep battling it with interest rates.
Here’s a portion of what Powell had to say on the matter, as collected by CNN Business.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.”
How The Stock Market Is Reacting Today
Many stocks and indices are falling on Tuesday in reaction to Powell’s comments. That makes sense as the market braces for even more interest rate hikes in the coming months. While inflation is down over the past few months, it’s still not as low as the Fed Chairman wants.
Investors will want to keep an eye on the stock market when the end of the month rolls around. That’s when the next Fed meeting is set to take place. It’s likely we’ll see a rate hike again at that time, but how much of a hike it will be still remains open to debate.
Investors looking for all of the latest stock market news for Tuesday are in luck!
InvestorPlace is home to all of the hottest stock market news for today. We’ve got everything happening with shares of Bed Bath & Beyond (NASDAQ:BBBY) stock, Sidus Space (NASDAQ:SIDU) stock, and more. You can find all of that at the following links!
More Tuesday Stock Market News
- Bed Bath & Beyond Layoffs 2023: What to Know as BBBY Preps More Job Cuts
- Why Is Sidus Space (SIDU) Stock Up 20% Today?
- BBBY Stock Alert: Bed Bath & Beyond’s Sales Plunge Ahead of Bankruptcy
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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