Dow Jones, S&P 500 Plunge on Powell Testimony. Is a Larger Fed Rate Hike Next?

The Dow Jones and S&P 500 plunged as increasingly hawkish testimony from Federal Reserve Chair Jerome Powell offered markets a reality check. Is a 50-basis point rate hike the next move?

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Gold Prices Collapse as Powell Flags Risk of Higher Peak Rates, Silver Hammered

Gold and silver suffered heavy losses on Tuesday as rate-sensitive assets took a beating following Fed Chairman Powell’s hawkish comments at a congressional hearing.

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USD/CAD Breaks Range Top at 1.3700 as Dollar Advances and Oil Retreats

The greenback received fresh impetus following Fed Chair Powell’s testimony. USDCAD finally clearing the range high at 1.3700 which has been a key area of resistance since November 2022.

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US Dollar Rallies as Powell Issues Hawkish Pledge, Signals Higher Peak Rates

The US dollar extended gains after Powell embraced a hawkish stance in an appearance before Congress, stating that the Fed’s terminal rate is likely to settle higher than initially anticipated to tame inflation.

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