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Federal Reserve Chairman Jerome Powell testifies Wednesday before the House Financial Services Committee in remarks that markets will be watching closely.
On Tuesday, Powell told the Senate Banking Committee that the central bank could raise interest rates more aggressively if inflation data remains strong.
“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes,” Powell said, igniting a sell-off on Wall Street in both stocks and bonds.
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