The Fed is prepared to move in “larger steps” if the “totality” of incoming information suggests tougher measures are needed to control inflation, Powell told lawmakers.
in response to recent strong data.
Traders drastically increased their bets of a 50-basis-point rate hike in March after Powell’s comments, with money market futures pricing a more than 40% chance of such a move, from 23% before the remarks. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows.
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