Reuters

US STOCKS-Wall St falls after Powell warns of tight policy, slow growth

Wall Street fell sharply on Friday after Federal Reserve Chief Jerome Powell’s comments suggested the central bank will keep raising interest rates to tame inflation. The U.S. economy will need tight monetary policy “for some time” before inflation is under control, a fact that means slower growth, a weaker job market and “some pain” for households and businesses, said Powell in prepared remarks for a speech to the Jackson Hole central banking conference in Wyoming. People should not expect the Fed to dial back quickly until the inflation problem is fixed, the central bank chair added.