US stocks plunged to end the week lower as investors digest comments from the Fed Chair.
He said that the central bank will keep raising interest rates until inflation is brought under control. Powell said that rate increases will bring some pain to households and businesses.
He said that a failure to restore price stability would be worse.
The message reduces the chance of a soft landing and heightens the odds of a recession.
He said that there would be more volatility and tougher conditions for the stock market. Good news in the economy will be bad news for the stock market. The Fed has a high bar to back off and will remain aggressive.
The market closed at 4:00pm on Friday.
According to the FedWatch tool, investors started to bet on a lower probability of a rate hike in September. After the speech, the odds fell to 54.5%.
Europe is scrambling to secure its gas supply before the cold months arrive while Russia's gas storage is full for the winter. Households in the UK are going to pay more for heating this winter.
The US and India have made progress on a plan to cap the price of Russian oil, according to a Treasury official.
The delisting of Chinese stocks from US exchanges could be avoided if American inspectors are allowed to audit Chinese firms.
Following a trend of Chinese names soaring on IPOs, another little-known Chinese stock jumped 3, 100% in its debut in US markets.
The price of oil went up with West Texas Intermediate up 0.41%. The international benchmark for crude oil inched higher.
The price of gold was 17,49.30 per ounce. The yield went up by 1.5 basis points.
The price of the digital currency dropped to $21,640.89.