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In a speech on Wednesday, Federal Reserve Chair Jerome Powell warned of higher prices, “continued volatility” in the markets, and the looming threat of stagflation.

Federal Reserve Chair Jerome Powell on Wednesday reiterated the long-held view of Fed chairs going back decades that growth in the U.S. federal debt needs to be reined in, but he suggested that politicians are going about it the wrong way. "We're running very large deficits at full employment, and this is a situation that we very much need to address" Powell said at an event at the Economic Club of Chicago. "All of this domestic discretionary spending, which is essentially where 100% of the conversation is, is small as a percentage of federal spending and is declining ... When people are focusing on cutting domestic spending, they're not actually working on the problem."

Federal Reserve Chair Jerome Powell indicated in remarks Wednesday that central bankers are focusing on inflation concerns when evaluating the economic risks of President Donald Trump's tariffs.

President Donald Trump’s “Liberation Day” tariffs set off one of the most volatile periods of stock trading in U.S. history – and uncertainty still looms over Wall Street, analysts told ABC News. Tariffs remain the primary mover of stock prices, putting market strategists and everyday investors in the near-impossible position of anticipating Trump’s next decision and its potential fallout, the analysts said. Analysts warned of a possible economic downturn that would pummel stocks but urged investors to hold on to shares if they can resist the temptation to sell, since markets typically rise over the long term.

(Reuters) -Federal Reserve Chair Jerome Powell suggested on Wednesday that hopes the central bank will step in to tamp down on market volatility are likely misplaced. Asked if the Fed would intervene to counter sharp declines in the stock market, Powell said "I'm going to say no, with an explanation." "What I think is going on in markets is markets are processing what's going on, markets are struggling with a lot of uncertainty and that means volatility," Powell said in an appearance in Chicago.

The chairman of the Federal Reserve has warned that Donald Trump’s trade war will fuel inflation and keep interest rates higher for longer, triggering a steep sell-off on Wall Street.

Federal Reserve Chair Jerome Powell said Wednesday that he expects President Donald Trump's tariffs policy to cause higher inflation and slower economic growth, complicating potential central bank efforts to ease the fallout. Powell's remarks immediately sent stocks lower as investors digested the top central banker's concern about the tariffs. Within minutes, the Dow Jones Industrial Average fell 690 points, or 1.7%, more than tripling losses suffered over the course of the day before Powell's comments.

The leading currency recently traded around $84,000, rising back above the prices below $77,000 seen late last week.

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Abbott Laboratories shares surged Wednesday after the medical device maker said it plans to invest $500 million in U.S. operations and topped Wall Street’s expectations with its first-quarter results.