Powell Warns Oil Shock Could Test The Fed: These 7 Stocks Tumbled

Federal Reserve Chair Jerome Powell on Wednesday warned that the escalating Middle East conflict will push U.S. inflation higher in the near term — but ruled out stagflation and described the U.S. economy as resilient.
Powell’s remarks came after the Federal Open Market Committee held the federal funds rate unchanged at 3.50%–3.75% for the third consecutive meeting, as widely expected.
Middle East Crisis Front And Center
“The implications of developments in the Middle East for the U.S. economy are uncertain,” Powell said in his opening statement.
“In the near term, higher energy prices will push up overall inflation. It is too soon to know the scope and duration of the potential effects on the economy.”
He highlighted the traditional central bank approach of “looking through” energy shoc