Major Wall Street indices fell to their session lows during the Fed Chair Powell annual speech to the National Association for Business Economics (NABE). Moods worsened after Powell said that inflation is to high and the central bank is ready to hike more than 0.25% if it's necessary.
Other Powell remarks:
- There is an obvious need to move expeditiously to more neutral level and more restrictive levels if needed to restore price stability
- Action on balance sheet could come as soon as May meeting but not decision has been made
- Ukraine war may have significant effects on the world economy but the magnitude and persistence is highly uncertain
- We are headed once again into more covid-related supply disruptions from China
US30 pulled back sharply following Powel's comments and is currently testing local support at 34375 pts. Should break lower occur, downward move may accelerate towards major support at 3400 pts. Source: xStation5
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