U.S. stock indexes fell on Tuesday as Federal Reserve Chair Jerome Powell told Congress the central bank will likely need to raise interest rates more than expected as it seeks to rein in rising prices.
The Fed is prepared to move in larger steps if the "totality" of incoming information suggests tougher measures are needed to control inflation, PowellThe remarks were his first since inflation unexpectedly jumped in January and the U.S. government reported an unusually large increase in payroll jobs for the month.
Traders dramatically raised their bets of a 50-basis-point rate hike in March after Powell's comments, with money market futures pricing a more than 57% chance of such a move, from 23% before the remarks.
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