US, world markets retreat after Powell’s hawkish rate stance

NEW YORK (AP) — Wall Street was pointed toward losses before markets opened on Friday, following global shares lower after Federal Reserve Chair Jerome Powell indicated aggressive increases in interest rates were needed to fight inflation. The futures for the Dow industrials fell 0.3% while the same for the S&P 500 slipped 0.1%. Most major global indexes declined and oil prices fell more than $1 a barrel. In a panel discussion held Thursday by the International Monetary Fund, Powell said the Fed must move faster than it has previously to tackle high inflation, which suggests sharp interest rate increases are likely in coming months.