The new date is Jan 5, 2022.
The stock market tanked on Wednesday after the minutes from the Federal Reserve's most recent meeting showed that the central bank could become more aggressive about removing stimulus and reducing its balance sheet as it looks to combat high levels of inflation.
Powell is the Federal Reserve Chairman.
Andrew Harnik is an Associated Press photographer.
The S&P 500 plunged 1.9%, while the Dow Jones Industrial Average fell 1.1%.
The minutes of the Federal Reserve's policy meeting last month showed that the central bank was going to end its bond purchases by March and raise interest rates shortly after.
The Federal Reserve said in the latest minutes that it could become even more aggressive about raising interest rates if the economy improves.
The investors were spooked by the fact that Fed officials agreed that it would be appropriate to reduce the central bank's balance sheet after the first interest rate hike.
The payrolls data had initially boosted the markets, after the report showed 807,000 jobs were created last month.
The market declined on Tuesday, with shares of chipmakers and software companies leading the way.
The sharp drop on Wednesday is a sign of more volatility to come, thanks to abating concerns around the Covid omicron variant. The emergence of omicron has made the economic outlook more uncertain, but Fed officials believe that robust economic growth will continue into 2022. The Federal Reserve will begin raising interest rates in the next few months and investors will be watching closely.
The quote is crucial.
The Fed is likely to raise interest rates quicker and shrink their balance sheet sooner than many think, as they signal fighting inflation is more important than protecting against a drop in economic activity, says Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. It's hard to forecast what level of market selloff they will tolerate before changing course.
What to watch for.
The minutes from the Fed's latest meeting werehawkish, but markets should not be alarmed, according to Vital Knowledge founder Adam Crisafulli. He predicts that high-multiple stocks will be vulnerable.
The stock market will rally to jump-start in 2022.
Top-performing fund managers have 10 great stock picks for 2022.
December's Stunning Job Growth doesn't tell the whole story.
After the fund loses a fifth of its value in 2021, Cathie Wood is going to double down on growth stocks.
