US Federal Reserve Chairman shows no rush to cut interest rates, Dow Jones Industrial Average drops more than 400 points. Chairman Powell of the US Federal Reserve Board (Federal Reserve System) said in an interview on a TV program, ''Since the economy is strong, when will we start cutting interest rates?'' In response, the New York Stock Exchange on the 5th saw an increase in sell orders due to the belief that interest rate cuts would start later than expected and that high interest rates would continue.
In addition, in the New New York foreign exchange market, as long-term interest rates in the United States rose, people became aware of the widening interest rate differential between Japan and the U.S.