At an economic policy symposium sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, Federal Reserve Chairman Jerome Powell said on Friday that the Federal Reserve would slow the economy to fight inflation and that it would cause “some pain” in the economy. 

The top of The Wall Street Journal’s website Friday evening heralded news of a 1,000-point plunge in the Dow Jones Industrial Average of 60 stocks. The Fed chair’s remarks were bumped from the top story slot of The New York Times and The Washington Post but were page-one news.