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U.S. Markets Sell Off After Fed’s Warsh Says Inflation Is Still ‘Too High’
Federal Reserve Chairman Kevin Warsh made it clear inflation is still a problem. Wall Street was left wondering how far the Fed will go to address it.
Stocks slumped and the 10-year Treasury yield settled above 5% for the first time since July 2007 after Warsh struck a decidedly hawkish tone in remarks following the central bank’s decision to raise interest rates for the first time in three years.
“Inflation is too high and has been for too long,” Warsh said in remarks to reporters on Wednesday afternoon. He later added: “Today’s action starts to show that we’re serious about this.”
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