Powell spoke before the Senate Committee on Banking, Housing and Urban Affairs Tuesday morning in the first of two days of Congressional testimony. He said that rates are likely to be higher than previously anticipated, and that the Fed has a strong commitment to returning inflation to its 2% target
Morgan Stanley: “Chair Powell’s assessment of the economic outlook acknowledged that higher rates are impacting interest-sensitive components of the economy, including housing, but that there has been a concerning reacceleration in activity in January, partly reversing the softening trends that we had seen in the data just a month ago”
Event Alert: This also means that Friday’s jobs report is especially important. Economists expect 225,000 jobs were added in February
Note: Upside surprises to Friday’s payroll report could drive a faster and longer tightening cycle
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