Fed's Powell previews tougher rate hike path, starting soon
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S&P 500 could plunge to 3200 in coming months, JPMorgan warns after Powell's speech
March 8, 2023 7:35 AM ESTThe S&P 500 lost over 1.5% yesterday as Fed Chair Jerome Powell told the Senate Banking Committee that the terminal fed funds rate is likely to be higher than previously anticipated.
The FOMC, which is due to meet later this month, could be prepared to increase the pace of rate hikes if the U.S. data continues to show that such a trajectory is warranted, Powell said.
In their December estimate, the FOMC saw the terminal rate at 5.1%. The current market pricing is now moving higher to a range of 5.5-5.75% in the aftermath of Powells remarks.
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