Morning Brief 22/09/2023

Wall Street tanked in a broad sell-off on Thursday after Fed Chairman Jerome Powell warned inflation still has a long way to go before approaching the central bank's 2% target. An unexpected 9% drop in initial jobless claims, to the lowest level in eight months, added to concerns that the Fed may hike rates again before year's end. Shares of semiconductor firm Broadcom slid nearly 3% following a report that Google executives discussed dropping the company as a supplier of artificial intelligence chips as early as 2027.