Dow Falls More Than 1,000 Points After Powell Speech

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The Dow Jones Industrial Average sank more than 1,000 points Friday after Federal Reserve Chairman Jerome Powell vowed to keep pressing the fight against inflation, even at the expense of economic growth.

In a highly anticipated speech, Mr. Powell said the Fed

must continue raising interest rates and keep them high until inflation is under control. His comments disappointed investors who had hoped inflation had peaked and the Fed would shift from raising rates to lowering them sometime next year.