Markets are pricing in higher odds of a bigger Fed rate hike this month as Powell delivers hawkish testimony and key bond yields top highest level since 2007
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.
"Although inflation has been moderating in recent months, the process of getting inflation back to 2% has a long way to go, and is likely to be bumpy," Powell told the Senate Banking Committee, the first of two-day testimony on Capitol Hill. For the Fed's May 3 meeting, futures pricing indicated a 18.4% chance of another half-point rate hike, up from 3.5% odds on Tuesday. The probability for a move of 25 basis points was still larger, at 56.3%.
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