Fed chair Powell said he plans to propose a quarter-point rate increase in two weeks. The Dow is up more than 500 points.
, as investors watched for updates from Ukraine and parsed testimony on the Federal Reserve’s plans to raise interest rates..
The Dow Jones Industrial Average gained 541 points, or 1.6%, and the technology-focused Nasdaq Composite Index added 1%. The advances were broad-based, with all 11 of the S&P 500’s sectors rising, 10 of them by more than 1%.
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Gold Price Forecast: Ceasefire discussions and a Hawkish Powell weigh on goldGold prices are under mild pressure this Wednesday, with the bright metal trading near its daily low of $1,913.04 after peaking at $1,947.90 a troy o
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Powell tells Congress that Fed will raise rates this monthWASHINGTON (AP) — Federal Reserve Chair Jerome Powell made clear Wednesday that the Fed will begin raising interest rates this month in a high-stakes effort to restrain surging inflation. In prepared testimony he will deliver to a congressional committee, Powell cautions that the financial consequences of Russia's invasion of Ukraine are “highly uncertain.” He says the Fed will “need to be nimble” in responding to unexpected changes resulting from the war or the sanctions that the United States and Europe have imposed in response.
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Powell Says Fed Is on Track to Raise Rates in Two WeeksThe Fed chairman said it was too soon to tell how Russia’s invasion of Ukraine and its repercussions would influence the U.S. economy, but his remarks suggested growing urgency to tighten policy.
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Treasury yields bounce higher ahead of testimony by Fed's PowellTreasury yields bounce higher early Wednesday as investors await congressional testimony by Federal Reserve Chairman Jerome Powell and continue to monitor...
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Traders fret about a growth slowdown as Fed Chair Powell faces a dilemma on ratesWar in Ukraine may slow down growth, but it also stokes inflation. The Federal Reserve must weigh these factors.
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