According to ChainCatcher, citing Jinshi, US stocks fell to their intraday low after Federal Reserve Chairman Jerome Powell stated that rising oil prices could increase price pressures and harm US economic growth. Some analysts believe this concern may limit the extent of future interest rate cuts. Powell pointed out that the current tariff shocks, the impact of the pandemic, and the ongoing energy crisis could affect inflation expectations.
Powell expressed concern that rising oil prices would impact inflation, causing US stocks to fall to a low point.
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