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Stocks sold off sharply Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank will continue its aggressive war on rapid inflation.

The Dow Jones Industrial Average plummeted 843 points, or 2.55%, accelerating losses in the final hour of trading. The S&P 500 shed 2.83% and the Nasdaq Composite dipped 3.31%.

Powel reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates for longer.

“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said.

“We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to be higher for longer and we’ve seen some repricing of the cuts in 2023. We think there’s more to go on that front and it’s likely to continue to fuel equity volatility from here.”

The major averages were on pace for their second straight down week. The Dow is on track for a 2.9% decline. The S&P 500 and Nasdaq Composite are heading to roughly 2.8% and 3.2% losses, respectively.