Federal Reserve Chair Jerome Powell sent investors fleeing stocks after he told Congress the central bank will likely need to hike interest rates higher than expected in order to combat rising prices
Powell, who will testify again on Wednesday before the House of Representatives Financial Services Committee, also added that the Fed would not consider changing its 2%Traders work on the floor of the New York Stock Exchange in New York City, U.S., February 27, 2023. REUTERS/Brendan McDermid/File Photo
While traders were flipping bets in favor of a 50 basis point rate hike this month, Scott Ladner, chief investment officer at Horizon Investments, said the size of the hike would depend on the upcoming payrolls data and inflation numbers.
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