CNBC Daily Open: Fed's Powell says high rates could hurt growth
What did Jerome Powell say about high interest rates?
Federal Reserve Chair Jerome Powell warned that keeping interest rates high for too long could jeopardize economic growth5. He acknowledged progress in reducing inflation towards the central bank's 2% target but emphasized that elevated inflation is not the only risk faced. Powell stated that reducing policy restraint too late or too little could unduly weaken economic activity and employment.
How did the S&P 500 and Nasdaq Composite perform recently?
The S&P 500 and Nasdaq Composite recently inched their way to intraday and record closes, with Apple climbing to a record close for the sixth consecutive day. This comes as Federal Reserve Chair Jerome Powell warned of the dangers of keeping interest rates high, while also noting progress in reducing inflation towards the central bank's 2% target.
What new military aid did President Biden announce for Ukraine?
President Biden announced new commitments to enhance Ukraine's air defense against Russia, including new Patriot missile system components from the U.S., Germany, Romania, the Netherlands, and others, with Italy donating an additional SAMP-T missile system. More air defense supplies will be distributed in the coming months.