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AP

Powell comments jolt markets, Dow off 652 points

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Federal Reserve Chair Jerome Powell roiled markets Tuesday after he said that the Federal Reserve will consider acting more quickly to dial back its ultra-low-interest rate policies to counter higher inflation, which Powell acknowledged will likely persist well into next year. "The economy is very strong and inflationary pressures are high," Powell said at a Senate Banking Committee hearing. "It is therefore appropriate, in my view, to consider wrapping up the taper of our asset purchases ... perhaps a few months sooner." The comments sent the Dow Jones Industrial Average down 1.86% or 652 points to 34,483 at the end of trading. The S&P 500 was off 1.9% or 88 points to 4,567 while the Nasdaq dipped 1.55%, 245 points to 15,537.

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