We will keep at it until we are confident the job is done.
– Federal Reserve Chair Jerome Powell, at the end of his speech in Jackson Hole, WY today.
It had to happen, of course: Fed Chair Powell reminding investors that there are several interest rate rises and probably some pain ahead, before the Federal Reserve Bank will be sure that inflation is under control.
Hopefully the selling today was mostly done by fund managers— not individual investors. The best advice on down days like today: do nothing.
[Graph from the Wall Street Journal]