by Tobias Burns
The Hill
Markets took a dive Wednesday after Federal Reserve Chair Jerome Powell painted a stagflationary picture of risks facing the economy, warning of both lower growth and higher prices as a result of the Trump administration’s tariff policies.
The Dow Jones Industrial Average dropped 700 points or 1.7 percent after starting the day off with some gains. The S&P 500 was down 2.3 percent, and the technology heavy Nasdaq Composite lost more than 3 percent of its value.
Tech was hit particularly hard again, with the SPDR NYSE technology exchange-traded fund posting a 3.1 percent loss on the day.
Speaking at an event in Chicago, Powell said the economy would be “moving away” from its goals of stable prices and maximum employment, saying there might not be “any progress” on them for the remainder of the year.