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Fed Chair Powell blames pandemic for inflation

Yahoo Finance anchors discuss how markets opened on Thursday as well as Fed Chair Powell's opening remarks at a Q&A session at the Cato Institute.

Video Transcript

[AUDIO LOGO]

JULIE HYMAN: While we await the opening bell and before we get to some more movers, just wanted to bring you some more of these headlines that we are getting out from the Federal Reserve Chair Jerome Powell, who's speaking at a Cato Institute investor event. And he has been emphasizing what we've been hearing from Fed officials and what we've heard from the Fed, itself, already, that they are going to stay the course until the job is done on fighting inflation there.

And you know, that's something that we've heard, but that the market reacts differently to depending on the day that the Fed is saying it. He's saying the dual mandate has served the public well and is workable. That he doesn't see the dual mandate goals as being in conflict. Now, why is Powell saying this? Because there has been this discussion about the so-called dual mandate, price stability and full employment, and whether those two are at odds in this kind of tightening cycle.

BRIAN SOZZI: How much more-- how much more further, I'm just curious, does he want to push this tough talk? We've seen stocks come down considerably over the past few weeks. Is he trying to get another next leg down? To be determined, really.

And now, we had an opening bell on Wall Street as we get those comments from people.

[BELL RINGING]

JULIE HYMAN: Indeed, as we get those comments from Jay Powell and as he talked about the mandate here. Speaking about retail as well. You've got Topgolf.

BRIAN SOZZI: Yeah, you see Topgolf Callaway Brands, they are now-- changed their name. You see CEO Chip Brewer on there ringing that bell. I talked to him yesterday. We have a full story on this company right now on the Yahoo Finance home page.

But he told me, Brian, I'm making a big push with the Topgolf brand. They bought that a couple of years ago for $2 billion. It remains a growth vehicle inside a Topgolf Callaway Brands. But new company name and new stock symbol as well.

JULIE HYMAN: Indeed. And as we are watching the opening bell here this morning, we are seeing a pullback from yesterday's gains. The NASDAQ leading the way Downward with a drop of 9/10 of 1%, as we consider the prospects for tightening around the globe, as the ECB raises rates by 75 basis points, as the market is now largely pricing in a 75 basis point increase from the Fed coming later this month. So all of that weighing on markets.