Fed Powell concludes his testimony in front of the Senate Banking Committee

The Fed The Fed "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of Read this Term chair Powell painted a more hawkish view, and that helped to send the US dollar higher. The US rates moved higher and then back down. The US stock market Stock Market A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don A stock or equity market is defined as the aggregation of buyers and sellers of stocks, which reflect ownership claims on businesses.These may also include securities listed on a public stock exchange, as well as stock that is only traded privately. Common examples of this include shares of private companies that are sold to investors through equity crowdfunding platforms.Unlike the past, the stock market has grown to include a more mature retail market, though nearly all investment is still don Read this Term is lower but not bad.

The chance for a 50 basis point hike increase to 56% from 23% before his testimony. There is a 93% chance – up from 41% – that in May, the target rate would be at 5.25% – 5.5%. Finally There is a 71% chance - up from 29% - that in June the rate reaches 5.5% – 5.75%

The high terminal rate is up to 5.59%.

Looking at the US stock market:

• Dow Industrial Average is fairing the worst. The index is down -305.45 points or -0.91%
• S&P index is down -32.2 or -0.79% at 4016.41
• NASDAQ index is down -43.23 points or -0.37% at 11632.50

In the US debt market, the 10 year yield moved back above the 4.0% level, but is currently trading at 3.946%. That's down -3.7 basis points. The two year yield is still higher however at 4.951% up six basis points.

The US dollar is higher but it is now coming off of its high levels. Nevertheless the dollar index is up over 1% versus the CHF (up 1.03%) GBP(up 1.31%), and AUD (up 1.77%). The greenback is up less vs the JPY at up 0.60%.

At the start of the US session, the greenback was the strongest but not to the extent of the current gains.