Power Breakfast: Dow Jones Tumbles Over 500 Pts, Nasdaq Ends 145 Pts Lower After Jerome Powells Rate Hike Remark

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.