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Stocks Decline as Fed Chair Issues Interest Rate Warning

Global stocks faltered on Friday after Federal Reserve Chair Jerome Powell warned that the central bank could move to further tighten interest rates if inflation does not continue to cool sufficiently.

In New York, the Nasdaq 100 futures slipped 0.2% while those on the Dow Jones Industrial average edged 0.1% higher. Contracts on the S&P 500 remained relatively flat. In Europe, the Stoxx 600 index slumped 0.8% lower while the MSCI Asia Pacific Index declined by as much as 0.9%.

Following Powell’s update, investors are awaiting the fireside chat with European Central Bank President Christine Lagarde later in the day. Dallas Fed President Lorie Logan and her Atlanta counterpart Raphael Bostic are also slated to speak.

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