Loading ...The Dow Jones Industrial Average has shed about 700 points since Fed Chairman Jerome Powell left the door open to a possible fourth rate hike in 2018 during Tuesday’s testimony before the House Financial Services Committee – his first Congressional testimony as Fed Chair.
Typically, investors tune out the second day of the Fed chair’s Congressional testimony, but today, investors will be listening closely for any clues about the number of rate hikes, while stock bulls hope Powell will say something to meaningfully walk back his comments from Tuesday.
That’s because on Tuesday, stocks spiraled lower after Powell intimated that he might be open to moving his dot higher as he told lawmakers that he’d become more optimistic about the outlook for growth, employment and inflation.