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As Rate Expectations Rise, Markets Take a Tumble
US Futures Pare Gains as Powell Speech Triggers Another Dip in Stocks US futures are trading slightly in the green on Wednesday, paring losses incurred on Tuesday following the hawkish testimony of new Federal Reserve Chairman Jerome Powell. Powell’s testimony on Tuesday in front of the House Financial Services Committee was the first of two this week, with the second being in front of the Senate Banking Committee on Thursday. The new Fed Chair was very optimistic on the economy and even opened the door to upgrades to economic forecasts next month and more rate hikes which lifted the dollar and US yields, ... (full story)
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