Stock Market Today: Powell Reins in Rate-Hike Prospects, Sets Stocks Loose
by Kyle Woodley
Mar 02, 2022
2 minutes
After more than a week of international affairs monopolizing Wall Street's spotlight, attention shifted back to interest rates as Federal Reserve Chair Jerome Powell telegraphed the answer to one of investors' most pressing questions – and lit a fire under stocks.
In prepared testimony to the U.S. House Committee on Financial Services, Powell said he's "inclined to support a 25-basis-point rate hike" at the next Federal Open Market Committee meeting, set for March 15-16.
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While Powell provided plenty of hedging language – saying the economic implications of Russia's invasion were "highly uncertain" and leaving the door open to a
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