Stocks slide, dollar rises as Powell spooks markets

Published by
Reuters

By Saqib Iqbal Ahmed NEW YORK (Reuters) -An index of global stock markets fell, while short-term U.S. Treasury yields rose on Friday, after Federal Reserve Chair Jerome Powell said the U.S. economy will need tight monetary policy “for some time” before inflation is under control. The dollar erased early losses to turn positive against a basket of currencies, while gold, which loses appeal as interest rates rise, fell after Powell’s comments. Tight monetary policy “for some time” means slower growth, a weaker job market and “some pain” for households and businesses, Powell said in a speech to t…

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