5 things to know this weekend

Fed seminar concludes after Powell’s harsh speech

Economists from around the world concluded Saturday the annual Federal Reserve Economic Symposium sponsored by the Federal Reserve in Kansas City. They will follow US Federal Reserve Chairman Jerome Powell’s high-level address on inflation problems by addressing the outlook for global financial policies in the post-COVID pandemic era. In his remarks, Powell said the Fed is committed to bringing inflation back to its 2% target, which means interest rates will continue to rise. But how much will depend on the data received, he said. “These are the unfortunate costs of lowering inflation,” Powell said in Jackson Hole, Wyoming. “But failure to restore price stability will mean much more pain.” Stocks tumbled after his comments, with the Dow Jones Industrial Average closing 1,008 points, or 3%, down.

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