According to Wells Fargo, comments from Federal Reserve Chairman Jerome Powell at the central bank’s annual symposium in Jackson Hole, Wyoming, could sway some fintech stocks going forward. Analyst Jeff Cantwell downgraded Fidelity National Information Services and Marqeta shares to softer levels, citing growth concerns over the sector in the coming months. “We expect the ‘pain’ that Mr. Powell and the Fed see as imperative to pushing inflation down to 2% – and then staying there – to negatively impact consumer and business spending growth.” The downgrade from Wells Fargo comes as the market anticipates the Federal Reserve to be more hawkish ahead of another expected major bull run. when the central bank convenes later this month. Powell said in August that he expects the central bank to continue raising interest rates to bring inflation back to its 2% target, which could trigger “some pain” for the US economy lies ahead.Cantwell noted that the central bank’s aggressive approach to curbing inflation means rates could stay higher in the long term. This will impact returns for fintech stocks, he said, saying the bank predicts 140 basis points of revenue growth over the next 12 months. across its entire range of activities. “More directly on Fintech, we see the Fed’s stance negatively impacting employment and consumer spending as well as business spending,” he said. Among the reasons he downgraded Fidelity National Information Services, Cantwell cited a growth outlook for earnings per share next year and a slowdown in banking and merchant revenue growth. He cited consistent changes to Marqeta’s management team since its IPO and slowing growth as among the reasons for the shift in sentiment. “We see other companies like FLYW and TOST grow revenue faster next year (and beyond), and demonstrate better profitability than Marqeta,” he wrote. Wells Fargo has cut its price target on Fidelity National to $88 a share, which is a 3% drop from Wednesday’s closing price. The bank also adjusted its target on Marqeta to $7 per share, meaning the stock could fall about 7%. – CNBC’s Michael Bloom contributed reporting