(3/8/23) Fed Head Jerome Powell's testimony Tuesday to the Senate Banking Committee left no doubt that the FOMC will continue to raise interest rates until something breaks, a.k.a inflation comes down. Market futures are down-to-flat following his remarks, and in anticipation of another day of testimony to the House, same song, second verse. Markets were looking for a pause or a pivot, and now the odds of a 50-bp rate hike have increased to 70%, with terminal rates for the Fed now anticipated at 5.6%, possibly on its way to 6%. Markets are sitting on the 50-DMA, and if they break through, that's okay: Just below that is the 200-DMA, and a second re-test of that level will be very critical. If Markets can hold, that will mean a very strong  bottom, and markets' bullish trend remains intact. Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO Produced by Brent Clanton --------  Get more info & commentary:  https://realinvestmentadvice.com/insights/real-investment-daily/ ------- Watch the video version of this report by subscribing to our new "Before the Bell" YouTube channel:  https://www.youtube.com/watch?v=gNQ6b2DVzVM&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1  ------- Articles mentioned in this report: "Bear Trap? Market Holds Critical Support." https://realinvestmentadvice.com/bear-trap-market-holds-critical-support/ ------- Visit our Site: www.realinvestmentadvice.com Contact Us: 1-855-RIA-PLAN -------- Subscribe to SimpleVisor: https://www.simplevisor.com/register-new -------- Connect with us on social: https://twitter.com/RealInvAdvice https://twitter.com/LanceRoberts https://www.facebook.com/RealInvestmentAdvice/ https://www.linkedin.com/in/realinvestmentadvice/ #InvestingAdvice #JeromePowell #RateHike #FederalReserve #200DMA #Markets #Money #Investing