The major averages fell sharply on Tuesday after Federal Reserve Chairman Jerome Powell said interest rates may need to go higher for longer.
lost 1.25%. The sharp decline for stocks was accompanied by a spike in bond yields, with the rate on the 2-year Treasury surpassing 5% and touching the highest level since 2007.before the Senate Banking, Housing and Urban Affairs Committee. Powell cautioned lawmakers that the central bank's terminal rate will likely be higher than previously anticipated due to stubbornly high economic data in recent weeks.
On Wednesday, investors will be closely watching Powell speak before the House Financial Services Committee. Separately, Richmond Fed President Tom Barkin will also be speaking on the labor market Wednesday morning. January's job openings and labor turnover data is due, as is the ADP jobs report.Bond yields surged on Tuesday, and a range of short-term Treasurys saw their rates exceed 5%.
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