Stocks sold off on Monday after Federal Reserve Chair Jerome Powell said: “If we think it’s appropriate to raise [by a half point] at a meeting or meetings, we will do so.”
To reinforce that he’s serious, he added: “If we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well.”
The comments came in a speech to the National Association of Business Economists. Even the title of the speech, “Restoring Price Stability,” signaled a tough stance by the Fed.
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