The New York stock market closed lower across the board after hawkish remarks by Kevin Warsh, chair of the U.S. Federal Reserve (Fed).
On Aug. 28 (local time) at the New York Stock Exchange, the Dow Jones Industrial Average fell 9.45 points, or 0.02%, from the previous session to finish at 53,559.99.
The Standard & Poor's (S&P) 500 fell 19.28 points, or 0.25%, to 7,711.76, and the tech-heavy Nasdaq composite shed 138.93 points, or 0.52%, to close at 26,402.42.
What dampened investor sentiment that day was Chair Warsh's hawkish message.
At the Jackson Hole Economic Symposium in Wyoming, Warsh expressed concern about recent indicators related to price stability.
He said, "From the standpoint of our mandate of price stability, the relevant indicators are in a more concerning state," adding, "We need to be confident that underlying inflation is moving toward the target clearly and at a sufficient pace."
He also suggested that if sufficient confidence in disinflation does not form, the Fed could take additional action. Warsh said, "If not, we have work to do," adding, "That is our duty and our mandate."