REUTERS/Brendan McDermid
- US stocks edged up Wednesday ahead of Jerome Powell's second day speaking in Washington, DC.
- Stocks are coming off a Tuesday sell-off as Powell signaled steeper rate hikes are on the table.
- Meanwhile, private payroll data came in hotter than expected for the month of February.
US stocks opened higher on Wednesday as focus remained on Federal Reserve chair Jerome Powell as he prepared to sit for a second day of testimony before lawmakers in Washington, DC.
Stocks sold off a day earlier as Powell indicated that steeper interest rate hikes may be required. Following his statement, the odds of a 50-basis-point rate hike this month more than doubled, according to CME's FedWatch Tool.