In testimony before lawmakers on Tuesday, Federal Reserve Chair Jerome Powell told Congress interest rates would likely continue rising amid a 'bumpy' process to bring down inflation.
Federal Reserve Chair Jerome Powell told lawmakers on Tuesday interest rates are likely to rise more than previously expected as the central bank works to bring down inflation, which remains stubbornly above the central bank's 2% target.
U.S. stocks were trading lower Tuesday as some analysts said the comments were more hawkish than expected. Near 2:20 p.m. ET, the benchmark S&P 500 (^GSPC) was near session lows, falling 1.5%, with the Dow Jones Industrial Average (^DJI) off 1.7%, and the Nasdaq Composite (^IXIC) falling 1.2%.
Jennifer Schonberger | Yahoo Finance