Powell is seeking a second four-year term as head of the Fed, and his appearance before the committee will be followed by a hearing with vice chair nominee Lael Brainard on Thursday
US stocks fell on Monday despite staging a comeback late in the day, as bets that the U.S. Federal Reserve could raise interest rates
US Federal Reserve Vice Chair Richard Clarida has said that he would resign from the central bank on Friday, shortly before his term will expire at the end of this month.
The Federal Reserve will likely raise interest rates four times this year and will start its balance sheet runoff process in July, if not earlier, according to Goldman Sachs Group Inc.
In a blog published Monday, the IMF said it expected robust US growth to continue, with inflation likely to moderate later in the year.
Major share markets were muted on Monday as investors count down to another US inflation reading that could well set the seal on an early rate hike from the Federal Reserve
The dollar started the week with support as traders bet US inflation data and appearances from several Federal Reserve officials would bolster the case for higher interest rates
Asian share markets were muted on Monday as investors count down to another US inflation reading that could well set the seal on an early rate hike from the Federal Reserve
The rapid wage growth underscored the case for a more aggressive tightening by the Fed
But firming expectations that the Fed could raise rates as soon as March and several times this year is pushing up U.S. yields and the currency.
Since adopting a new approach to US monetary policy weighted towards ensuring a strong labor market, Federal Reserve officials have been reluctant to define key terms like "maximum employment"
As stocks struggled, U.S. Treasury yields on most maturities rose again on Thursday as investors fretted over the Fed's more hawkish stance, surging inflation and a deluge of supply.
Ten-year treasury yield crosses 1.75%, on track for its biggest weekly rise since 2020
Indian markets mirrored global sell-off after the US Federal Reserve's minutes indicate sooner and faster-than-expected rate hikes
The world's largest cryptocurrency was last at $42,700, down 1.7%, having lost 5.2% on Wednesday. A break below last month's trough of $42,000 would make it the weakest since September
Spot gold was down 0.2% to $1,805.98 per ounce by 0430 GMT. U.S. gold futures fell 1% to $1,806.40
Stocks extended declines after the release of the minutes on Wednesday, led by a selloff in technology and growth shares
The Fed minutes from December, released on Wednesday, offered more details on the Fed's shift last month toward a more hawkish monetary policy
TOKYO (Reuters) - The dollar hovered near a five-year high to the yen on Thursday, supported by a surge in U.S. Treasury yields on rising bets for a Federal Reserve rate hike by March.
Federal Reserve may need to hike rates faster, reduce balance sheet quickly. More on that in today's top headlines