SINGAPORE - Wall Street's biggest drop since late 2020 on Friday was the delayed reaction to Federal Reserve chairman Jerome Powell's remarks a day earlier that the US central bank would "front load" interest rate hikes in an aggressive move to stamp down the highest inflation seen since the 1980s.
"It is appropriate in my view to be moving a little more quickly to raise interest rates," Mr Powell said at an International Monetary Fund panel discussion. "I also think there is something to be said for front-end loading any accommodation one thinks is appropriate... I would say 50 basis points will be on the table for the May meeting."
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