The Fed's hawkish tilt led to a selloff on Wall Street. Powell's remarks follow a meeting of the Fed's policymaking committee last week, when officials signaled they could boost interest rates and begin tapering asset purchases sooner than expected. Powell said inflation has increased 'notably' in recent months but reiterated he expects rising price pressures to only be temporary and to eventually ease back to the central bank's 2% target. 'Much of this rapid growth reflects the continued bounce back in activity from depressed levels,' the Fed chief added.

Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades,' Powell said in written comments ahead of a House panel hearing Tuesday. 'Widespread vaccinations have joined unprecedented monetary and fiscal policy actions in providing strong support to the recovery. The yield on the benchmark 10-year Treasury note steadied early Tuesday at 1.499%. Stock futures traded modestly lower Tuesday ahead of testimony from Federal Reserve Chairman Jerome Powell, who is expected to tell Congress the economy has shown 'sustained improvement' but that the recovery has accelerated inflation.Ĭontracts linked to the Dow Jones Industrial Average fell 30 points, S&P 500 futures were down 6 points and futures on the tech-heavy Nasdaq declined 44 points. Stock Futures Slip Ahead of Testimony From Fed's Powell Here are five things you must know for Tuesday, June 22: 1. Stock futures fall modestly ahead of testimony from Federal Reserve Chairman Jerome Powell Bitcoin falls to below $32,000 Torchlight Energy extends record gains.

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