NEW YORK (AP) — Stocks are tumbling in disappointment after the head of the Federal Reserve dashed Wall Street’s hopes that it may soon let off the brakes for the economy. The S&P 500 fell 2.2 percent Friday, on track for its biggest drop in two months, after Jerome Powell said the Fed will likely need to keep interest rates high enough to slow the economy for some time in order to beat back the high inflation sweeping the country. Shorter-term Treasury yields climbed as traders built up bets for the Fed to stay aggressive about continuing its steep interest rate hikes.
