Power Breakfast: Dow Jones Tumbles Over 500 Pts, Nasdaq Ends 145 Pts Lower After Jerome Powell's Rate Hike Remark
Zee Business Video Team | Updated: March 8, 2023 08:20 AM IST
On Wednesday, the US Fed Chairman's statement broke the markets. The Dow slipped 575 points to close at the day's low, while the Nasdaq fell 1.25%. Fed Chairman Powell said that interest rates may increase faster than expected. A rate hike of 0.5% is possible from the Fed on May 22. 70% of the experts believe that there will be an hike of 0.5% in the next policy. In addition, the 2-year bond yield crossed 5% for the first time since 2007.
