(Reuters) – Wall Street’s three major indexes closed lower on Thursday, returning gains from earlier, as Federal Reserve officials, including Chair Jerome Powell, offered more signs of aggressive interest rate hikes this year. .
According to preliminary data, the S&P 500 dropped 1.44% to 4,395.04 points, while the Nasdaq lost 2.03% to 13,179.99. The Dow Jones fell 1.02% to 34,801.07.
A half-point rate hike will be “on the table” when the U.S. central bank meets on May 3-4 to approve the next in what is expected to be a series of policy rate hikes this year, Powell said.
With inflation hitting about three times the Fed’s 2% target, “it’s appropriate to move a little faster,” Powell added in a discussion of the global economy at International Monetary Fund meetings.
“The market is pricing in at least 50 basis points in May and June,” said George Catrambone, head of trading at the DWS Group.
“Powell, and many other Fed speakers, have been saying they want to take control as quickly as possible, and that tells the market they are going to act aggressively.”
(Reporting by Bansari Mayur Kamdar, Sruthi Shankar and Amruta Khandekar in Bengaluru and David French in New York)
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