Stocks fall, Treasury yields climb as Fed’s Powell vows to fight inflation until ‘job is done’

U.S. stocks tumbled Friday morning as Federal Reserve Chairman Jerome Powell said the Federal Reserve’s efforts to combat inflation might lead to economic pain for American families, but that “we must keep at it until the job is done.” The Dow Jones Industrial Average DJIA, -1.91% fell 140 points, or 0.4%, to 33,164. The S&P 500 fell 24 points, or 0.6%, to 4,174. The Nasdaq Composite retreated 96 points, or 0.8%, to 12,544. Treasury yields rose in response to Powell’s remarks, with the largest increase seen in short-term yields. The 10-year Treasury yield was up 3.2 basis points at 3.051%, while the two-year Treasury yield was up 4.5 basis points at 3.420%. The U.S. dollar pared its earlier weakness, with the ICE U.S. Dollar Index DXY, +0.22% down 0.5% after Powell’s remarks.