The U.S. economy still remains under threat from a spike in inflation, shortages of labour and supplies
Powell also elevated inflation-fighting as a more urgent priority than supporting job growth
The S&P 500 index dropped 106.84 points, or 2.3%, marking its worst day since February
Employers have made 18 million new hires since April 2020
Growth could surge to an 8% rate in the fourth quarter, some economists say
A CIBC report looks at labour trends and central bank policy
The inflation spike is affecting consumers, the Biden administration and central banks
High prices aren't deterring consumers from spending
The Labor Department said Friday that 4.4 million people quit their jobs in September
The inflation rate was the largest since 1990