Fed recap: Here are Chair Powell’s market-moving comments after the latest rate hike

The major averages turned lower following Fed Chair Jerome Powell’s press conference.

Investors seemed to have turned their attention to Powell’s comment that the rate-setting committee has “a view that inflation is going to come down not so quickly.”“It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won’t cut rates,” he said.

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