Stock Market Today-8/29: Stocks Extend Slide as Rate Bets Jump

US stock futures fell further Monday as government bond yields spiked and the dollar tested a decades-long record against its global counterparts, as Federal Reserve inflation rhetoric, Jerome Powell, rippled through global markets.

Powell’s speech on Friday at the Jackson Hole central bank symposium warned of the “pain” needed to contain the fastest inflation in more than 40 years, and signaled further – and potentially bigger – rate hikes to be expected between now and the end of December. come.

“Restoring price stability will take time and requires vigorous use of our tools to better balance supply and demand,” Powell said. “Reducing inflation is likely to require a sustained period of below-trend growth.”

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