The Dow falls more than 300 points after Federal Reserve Chairman Jerome Powell hints that today's rate cut could be a one-and-done move
quarter-point rate cut from the Federal Reservesuggested that Wednesday's move was not the start of a series of rate cuts, stocks took a turn for the worse.was down more than 400 points in late afternoon trading. And it looks like comments from Powell during the press conference were the catalyst for the sell-off.
Powell strongly suggested that the Fed was not about to start a long series of rate cuts as some had hoped."We are thinking of it as a mid-cycle adjustment to policy," Powell said. Translation: The Fed is waiting to see what happens next with the economy. If the job market remains relatively strong -- or if the US and China end their trade war -- then more rate cuts may not be needed.
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