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Federal Reserve Chairman Jerome Powell testifies during a Senate Banking Committee hearing on Capitol Hill in Washington, Tuesday, March 7, 2023.
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee on March 7.

AP Photo/Andrew Harnik

  • Bets that the Fed will reaccelerate the pace of rate hikes in March flew higher Tuesday. 
  • Fed funds futures pricing suggests 61.6% odds of a half-point increase, up from 31.4% on Monday. 
  • Getting inflation back to 2% "is likely to be bumpy," Fed Chair Jerome Powell told senators.  

Expectations the Federal Reserve will reaccelerate rate hikes surged Tuesday, driving down stocks and other financial assets as Fed boss Jerome Powell said policymakers have a "long way to go" to hit their inflation target. 

Tags
Markets, MI Exclusive, Stocks, S&P 500, Federal Reserve, Jerome Powell, Inflation, Dow Jones Industrial Average, Nasdaq Composite, economy, Equities, Yields, Bonds, 2-year, 10-year, Humphrey-Hawkins Testimony
Source
Markets are pricing in higher odds of a bigger Fed rate hike this month as Powe…