(NewsNation) — Global shares declined Monday after the chairman of the U.S. Federal Reserve indicated high interest rates will continue for some time to curb inflation.

The fall in Asian and European markets followed a drop on Wall Street, where the Dow Jones Industrial Average ended the week down more than 1,000 points. The Nasdaq is down nearly 500 points, and the S&P 500 is down 141 points.

Federal Reserve Chair Jerome Powell, speaking on Friday, said the Fed would raise rates as high as needed to restrict growth and keep them there “for some time” to bring down inflation running well above its 2% target.

Inflation is over 8%, a drop from 9% in June, it is a promising sign, but Powell says it’s still not enough to stabilize the economy.

This comes as major retailers are dealing with a glut of goods they need to clear out.

A lot of items, especially summer items, have been on sale and will continue to go on sale.

While it is sort of a perk for consumers in this otherwise chaotic economic environment, retailers do expect to see a lot of sales taper off. Consumers are paring back spending on a lot of discretionary goods, like apparel or buying a new TV. Instead, they’re focused on filling up their car with gasoline and buying groceries.

However, if consumers are in the market, especially for some sort of summer item, they can get that at a heavily discounted price the next few weeks.