(FOX BUSINESS) – Stock investors took a beating on Friday after Federal Reserve Chairman Jerome Powell warned of rocky times ahead for the U.S. economy in the fight against inflation.
"There will very likely be some softening of labor market conditions, while higher interest rates, slower growth, and softer labor market conditions will bring down inflation. They will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation" said Powell in prepared remarks at the Jackson Hole Wyoming Economic Symposium hosted by the Federal Reserve Bank of Kansas City. His speech was one of the shortest, under 10 minutes, on record.
In the hours following, the Dow Jones Industrial Average lost over 1,000 points or 3% putting annual losses at 11%.
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