A run-up in Treasury yields rocked the equities market this week, leaving the major averages on pace for weekly losses.
The action follows a volatile day for stocks. The 30-stock Dow shed 250.91 points, or 0.75%, while the S&P 500 lost 0.85%. The Nasdaq Composite slid nearly 1%. The yield on the benchmark 10-year Treasury also surged as high as 4.996%, trading near levels last seen in 2007. He said that inflation remains too high and lower economic growth will likely be needed to bring it down. Powell also said he doesn't think that rates are too high now.
"While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent," he added.Climate protesters disrupt start of Fed Chair Powell's economic speech
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