Stocks fell on Tuesday as Federal Reserve Chair Jerome Powell discussed recent hotter-than-expected inflation data.
The Dow Jones Industrial Average was up 90 points, or 0.2%. The S&P 500 was down 0.2%. The Nasdaq Composite was down 0.1%.
All three indexes fell following comments from Powell at a discussion that was part Canada Institute’s Washington Forum on the Canadian Economy.
Powell said the recent data showed solid growth, but also a lack of further progress on returning to the Federal Reserve’s 2% inflation goal.
“The recent data have clearly not given us greater confidence and instead indicate that it is likely to take longer than expected to achieve that confidence,” Powell said.