CNBC Daily Open: Powell has spoken: Higher rates and quicker hikes are on the table
Publishing timestamp: 2023-03-08 01:16:07
Summary
Federal Reserve Chair Jerome Powell has indicated that interest rates may be raised higher and faster than previously anticipated due to stronger-than-expected economic data. This caused a sharp sell-off in US stocks and led to losses in the Asia-Pacific region. Berkshire Hathaway bought 5.8 million shares of Occidental Petroleum, worth over $350 million. The economic fallout from a short seller's attack on Adani Group is expected to subside, but there may be long-term political implications for India. Morgan Stanley economists believe Powell is reopening the door to raising rates by half a percentage point. However, not everyone is convinced that monetary policy will tighten faster. Investors are advised to wait until the February jobs report is released before making any decisions.
Sentiment: NEGATIVE
Tickers: BAC, OXY, JPM, BRK.A, WFC, ADANIENT-IN, GS,
Keywords: business news, economic events, india, interest rates, world markets, warren buffett, occidental petroleum corp, berkshire hathaway inc, bank of america corp, jpmorgan chase & co, central banking, goldman sachs group inc, jerome powell, united states, wells fargo & co, markets,