Nasdaq Crash 3%

  A Huge Slash Of 3% In The US Market (Blood Bath In Wall Street

US Federal Reserve Chair Jerome Powell delivered an eight minute keynote address at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming, reported Bloomberg. 

Powell's speech made it clear that the Fed is likely to keep raising interest rates to stamp out inflation.

The US Federal Reserve has been on an aggressive campaign to raise interest rates and Powell's speech at the Jackson Hole gathering of global monetary policymakers said that its 

fight against inflation is not over, dashing Wall Street’s hopes that Fed may soon ease up on high interest rates. 

US stocks tumbled, with all three main indices - Dow Jones, S&P and Nasdaq ending with losses of three per cent or more on Friday. In the span of just eight minutes,

 Powell's speech sparked a market rout that slashed the fortunes of US billionaires' by $78 billion, as per Bloomberg.