Title: Gulf Markets Decline After Powell's Statements

Most stock markets in the Gulf closed lower today, Monday, as investor sentiment was affected by expectations of slight tightening in monetary policy expressed by Federal Reserve Chairman Jerome Powell. Powell confirmed on Friday that the central bank would do everything in its power to combat inflation. The Gulf Cooperation Council, composed of six countries, typically follows the monetary policy of the U.S. central bank, as most countries in the region peg their currencies to the dollar.