*U.S. STOCKS SLIDE, DOLLAR SOARS AFTER HAWKISH POWELL REMARKS -
© Reuters. FILE PHOTO: Pedestrians wait to cross a road at a junction near a giant display of stock indexes in Shanghai, China August 3, 2022. REUTERS/Aly SongNEW YORK -An index of global stock markets fell, while short-term U.S. Treasury yields rose on Friday, after Federal Reserve Chair Jerome Powell said the U.S. economy will need tight monetary policy"for some time" before inflation is under control.
Tight monetary policy"for some time" means slower growth, a weaker job market and"some pain" for households and businesses, Powell said in a speech to the central banking conference in Jackson Hole, Wyoming. He did not hint at what the Fed might do at its upcoming Sept. 20-21 policy meeting. Officials are expected to approve either a 50- or 75-basis-point rate increase.
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