*U.S. STOCKS END LOWER AS NASDAQ TUMBLES AFTER POWELL HINTS AT FURTHER RATE HIKES $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
In his testimony before the U.S. House Financial Services Committee, Powell reiterated the fact that the central bank remains"strongly committed to bringing inflation back down to our 2% goal," and said it would be"a pretty good guess" that future rate hikes are in the cards if the economy continues on its current path.
"Two hikes, which is what the dot plot told us," Detrick said."There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. Markets are assuming that the Fed is very close to being done." At last glance, financial markets have priced in a 74.4% likelihood of another 25 basis point interest rate hike at the conclusion of July's monetary policy meeting, according to CME's FedWatch tool.
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