Markets Slide Again, Chicago Fed President Advises ‘Err on the Side of Patience’
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iStock/Thinkstock(NEW YORK) — In yet another rough day of trading — as has been common this month — all three major indices posted losses, as the president of the Federal Reserve Bank of Chicago said that he favors leaving interest rates where they are in the short term.
The Dow Jones Industrial fell 223.03 to a close of 16,321.07.
The Nasdaq dropped 62.58, ending the day at 4,213.66, while the S&P 500 dipped 31.39, falling below the 1,900 mark for the first time since May, finishing at 1,874.74.
Federal Reserve Bank of Chicago President Charles Evans said Monday that while he believes the economy is improving, “we should err on the side of patience in removing highly accommodative policy.”
He added that he “[looks] forward to the day when we can return to business-as-usual monetary policy, but that time has not yet arrived.”
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