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Tough-talking Powell wipes out US$59 bil from biggest fortunes

Bloomberg11/3/2022 07:50 AM GMT+08  • 2 min read
Tough-talking Powell wipes out US$59 bil from biggest fortunes
Jerome Powell. Photo: Bloomberg
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Before Jerome Powell took the podium on Wednesday, stocks were approaching their highest levels in six weeks, fueling a rebound in the fortunes of some of the world’s richest people after a brutal year.

Just as he did in August during an eight-minute speech in Jackson Hole, Wyoming, however, the Federal Reserve chair talked tough on inflation, squashing investor hopes of a decisive pivot away from tightening monetary policy and knocking stocks to the lowest in more than a week.

In the span of that hour-and-a-half from when Powell started speaking to the US stock market close, the top 500 people on the Bloomberg Billionaires Index lost about US$59 billion ($83.37 billion) on their public holdings.

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