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Federal Reserve Chairman Jerome Powell testifies Wednesday before the House Financial Services Committee in remarks that markets will be watching closely.
On Tuesday, Powell told the Senate Banking Committee that the central bank could raise rates more aggressively if inflation numbers remain strong.
“If the totality of the data indicated that faster tightening is warranted, we would be willing to step up the pace of rate hikes,” Powell said, triggering a sell-off on Wall Street in both stocks and bonds.
Powell also commented on the debt ceiling, cryptocurrency and other topics.
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