And it’s only his first day of his testimony. Yesterday’s price action in the markets was a good foretelling of what was to come. Stocks could not hold onto early gains ahead of Powell’s testimony to Congress, and when he did speak today, he did not mince words. “Economy’s strength suggests peak rate will be higher than previously anticipated” and, “Fed is prepared to speed up rate rises if warranted”. CME data had a 72% expectation for a 25bps rise on March 22 pre-Powell, it stood at 64% for 5…
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