The Federal Reserve will likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the 'totality' of incoming information suggests tougher measures are needed to control inflation, Fed Chair Jerome Powell told U.S. lawmakers on Tuesday.
Federal Reserve Chair Jerome H. Powell testifies before a U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on "The Semiannual Monetary Policy Report to the Congress" on Capitol Hill in Washington, U.S., March 7, 2023. REUTERS/Kevin Lamarque
NEW YORK, March 7 - The Federal Reserve will likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the "totality" of incoming information suggests tougher measures are needed to control inflation, Fed Chair Jerome Powell told U.S. lawmakers on Tuesday.
"The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated," Powell said in prepared remarks for a hearing before the Senate Banking Committee. U.S. stocks sold off, Treasury yields rose and the dollar extended a gain after Powell's comments, his first since inflation unexpectedly jumped in January and the U.S. government reported an unusually large increase in payroll jobs for that month.lost 35.76 points, or 0.88%, to 4,012.66, from around flat just before Powell's remarks were released BONDS: U.S. Treasury 10-year note after the remarks, and was last off 4/32 with a yield of 3.999%, up from just before the remarks and from 3.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Gold Price Forecast: XAU/USD rebounds to $1,850 as Fed's Powell to dodge hawkish guidanceGold price (XAU/USD) has shown a recovery move after a correction to near $1,844.00 in the Asian session. The precious metal has been supported by the
Leer más »
Tech stocks brace for sell-off on hawkish message from Powell talkInvestors should brace for a sell-off in tech stocks with Fed chair Powell set to deliver a hawkish message to lawmakers, Gene Munster says
Leer más »
USD/JPY soars toward 136.80s on Powell’s hawkish speechThe USD/JPY climbs 0.63% on Tuesday as the US Federal Reserve (Fed) Chair Jerome Powell’s testimony began at the United States (US) Congress. Sentimen
Leer más »
Dow off about 400 points, pressured by Powell's hawkish tone in CongressU.S. stock losses mount midsession Tuesday as investors soaked in Federal Reserve Chairman Jerome Powell's hawkish message to Congress that the central bank...
Leer más »
Forex Today: Stocks Slide on More Hawkish Fed CommentsFed\u2019s Bostic Wants Rates \u003E5% Into 2024; US 2-Year Treasury Yield Hits 15-Year High; S\u0026P 500 Index Flirts With 200-Day MA
Leer más »
Fed chair Jerome Powell opens the door to faster interest rate hikesJUST IN: The Fed will likely raise interest rates to a higher peak than previously thought and may consider ratcheting back up the pace of hikes in an effort to cool down a resilient economy, chair Jerome Powell will tell Congress today.
Leer más »