Marketmind: Powell steals summer punchbowl

A look at the day ahead in U.S. and global markets from Mike Dolan.

If the Federal Reserve was irked about a premature easing of financial conditions this summer, then it's successfully shut down the party.

Fed chief Jerome Powell's basic message on Friday at the Jackson Hole central banking festival was that the Fed would not flinch in tightening credit to rein in inflation, even at the onset of a recession. Some "pain" was likely and, however, high-interest rates needed to go, they would not come back down quickly.

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