Stocks took a sharp dip today as Fed Chair Jerome Powell made comments suggesting that interest rates could be raised higher than previously anticipated. This news led to investor jitters and across-the-board declines in the market. The dollar, however, saw a sharp increase in value as Powell’s comments were seen as “hawkish” and in line with the Federal Reserve’s plans to keep inflation under control.

Some investors were quick to voice their concerns, with Campbell Soup and ABM Industries both seeing declines in investor optimism following Powell’s comments. Others, however, were less worried, with some analysts pointing out that a rate increase could actually be good for the market in the long run if it helps keep inflation in check.

Either way, Powell’s comments have certainly shaken up Wall Street, with some wondering why the markets didn’t listen more closely to his previous statements. For now, investors will be watching closely to see how the Fed proceeds and how the market reacts to this news in the coming days and weeks.