Federal Reserve Chair Jerome Powell addressed the U.S. Senate Banking Committee on March 7, and its House of Representatives counterpart on March 8, as part of his semiannual testimony on the state of the economy and monetary policy.
The central banker noted in his remarks to the Senate that the Fed is “prepared to increase the pace of rate hikes” if upcoming economic data shows faster tightening is warranted. He repeated the comment to the House Financial Services Committee, adding that the Fed hasn't yet reached a decision on its next rate increase.
Futures contracts for the Fed’s benchmark interest rate priced in a half-point increase for the central bank’s March 22 meeting, according to CME’s FedWatch tool. The S&P 500 Index of leading U.S. stocks fell following Powell’s remarks on March 7, while the yield on 10-year Treasury bonds edged higher before paring gains.Opinions expressed are those of the author.
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