European markets end lower after Fed’s Powell warns

European markets end lower on Friday following the Federal Reserve meeting, while the chairman Jerome Powell warned from some pain in the future to mitigate the inflation.

Powell expects the central bank to continue raising interest rates in a way that will cause negative affect on the U.S. economy.

All sectors turned red in afternoon trade with retail, travel, and leisure stocks sliding down 3.5 percent and 3.4 percent.

Stoxx600 provisionally ended down 1.7 percent following the comments at the central bank’s Jackson Hole economic symposium.

U.S. stocks turned negative following Powell’s comments, with the Nasdaq fell by 2.5 percent in late-morning trade.