Powell’s 8-minute speech erases $78 billion from richest americans
In just eight minutes, Federal Reserve Chairman Jerome Powell caused a market decline that cut the fortunes of America's richest people by $78 billion.
Jeff Bezos lost $6.8 billion, the most among the world's richest people. Elon Musk lost $5.5 billion. Bill Gates and Warren Buffett's fortunes were down $2.2 billion and $2.7 billion, respectively, and Sergey Brin's fortune dropped below $100 billion.
Powell used his speech at the Fed's annual policy forum in Jackson Hole, Wyoming, to confirm that the U.S. central bank will continue to raise interest rates and will probably leave them higher for a while to lower inflation.
The S&P 500 fell 3.4%, its worst drop since mid-June. The Nasdaq 100 Index fell more than 4%.
The world's 500 richest people lost $1.4 trillion in the first half of 2022, Bloomberg.
via.TITVN
