In Jackson Hole, in the mountains of Wyoming, Federal Reserve Chairman Jerome Powell repeated one intention – To maintain a restrictive monetary policy “for a period” even if it is “some pain” for households and businesses.

Wall Street didn’t like what it heard and drastically devalued it, with all three indexes posting their second week in negative territory.

This Friday, the Dow Jones Industrial Average fell 3.03% to 32,282.80 points, the largest drop in three months. While the global benchmark par excellence, the S&P 500, lost 3.37% to 4,057.74 points, and the Nasdaq Technology Composite lost 3.94% to 12,141.71 points, both of which were the biggest declines since mid-June. The central bank chief spoke for nine minutes and left a message that “history strongly cautions against early easing of accommodative monetary policy,” referring to cycles of increases in key interest rates, and therefore, “to restore price stability will take time and require us to use our tools to balance supply and demand.”

Jeff Klingelhofer, an analyst at Thornbug, explains to Bloomberg that Powell’s speech “put cold water on the market belief that the Fed will move to less aggressive policy and then stop.” Ian Shepherdson, chief economist at Pantheon Macroeconomics, says the comments “leave nothing of the monetary authority’s ‘doves’ members.”

At the same time, July data on consumer spending in the US, one of the indicators that make up the US inflation statistic, showed an increase, but it still fell short of expectations.