Boo inflation. 

The Dow Jones Industrial Average fell about 1% from its session highs on Wednesday as new Fed chairman Jerome Powell sounded a bit more hawkish than many investors expected during his first press conference. In particular, Powell said he and fellow FOMC members will be on "high alert" for inflation.

The Dow closed 44 points lower at 24,682.31.

Powell also talked down the market a bit.

"In some areas, asset prices are elevated relative to their historical norms," Powell said.

Couple these things with the Fed raising its growth expectations, investors read it as the potential for higher than expected interest rate increases. 

Now listen to this podcast where a former Federal Reserve advisor reacts to Jerome Powell's first meeting: 

Watch more below. 

Dow is negative now oh no! @thestreet https://t.co/tGV1MViGmh

— Brian Sozzi (@BrianSozzi) March 21, 2018

More from Opinion

Monday Madness: Is Nvidia a Hit or Miss?

Monday Madness: Is Nvidia a Hit or Miss?

Netflix Reports Earnings on Tuesday: 7 Key Things to Watch For

Netflix Reports Earnings on Tuesday: 7 Key Things to Watch For

From Catalogs to Catastrophe: A Sears Timeline

From Catalogs to Catastrophe: A Sears Timeline

Flashback Friday: Is Sears Bankrupt Yet?

Flashback Friday: Is Sears Bankrupt Yet?

iPhone XS Demand Looks Solid Ahead of Apple's Earnings

iPhone XS Demand Looks Solid Ahead of Apple's Earnings