Fed’s Powell talks inflation, interest rates
November consumer prices surged 6.8%, producer prices 6.9% highest in decades
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Federal Reserve Chairman Jerome Powell delivered his final press conference of the year after policymakers wrapped Wednesday's meeting.
CONSUMERS ARE GETTING WHACKED WITH HIGH PRICES FOR THESE ITEMS
Policymakers stepped up the dialing back of its aggressive bond-buying program, signaling at least three rate hikes in 2022. Expectations for inflation were also ratcheted up after both consumer and producer prices hit record highs this week.
Stocks soared on the developments.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38085.8 | -375.12 | -0.98% |
| SP500 | S&P 500 | 5048.42 | -23.21 | -0.46% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15611.759799 | -100.99 | -0.64% |
CONSUMER INFLATION HITS HIGHEST SINCE 1982
See a recap of Powell's press conference and all the market-moving events in the FOX Business Blog. Mobile users click here.