Federal Reserve Chairman Jerome Powell has stated that he will support the economy as long as it takes until recovery.
The U.S. stock market dropped over points as the Federal Reserve is now concerned that inflation is a concern and interest rates will begin to rise in 2022 instead of 2023.
The Federal Reserve after two days of meetings stated that it might hike interest rates then it previously wanting to over concerns regarding inflation.
The market is anticipating the remarks Wednesday by Federal reserve Chairman Jerome Powell, especially as it relates to inflation and interests rates.
The Department of Labor released a report on Thursday, that consumer prices increased 5% for the year ending in May, the largest such increase since August 2008, the fear is that inflation might get out of hand.
The markets are waiting for the latest data on U.S. consumer prices that will help determine when the Federal Reserve might begin to raise interests rates to help fight the rise in inflation.
Wall Street stock futures are mixed as the market assesses the impact of rising inflation.
For the second month in the U.S. economy underperformed in the amount of jobs economists had expected to be created as May's unemployment rate declined to 5.8% with 559,000 jobs created instead of 650,000 that were expected.