U.S. stocks plummeted, the greenback jumped and the Treasury yield inversion hit its steepest mark in more than four decades on Tuesday. | Reuters
In his testimony, Powell confirmed that a recent spate of generally robust economic data, particularly in the labor market, along with stubbornly slow inflationary cool-down, increases the likelihood that the Fed will raise its policy rate more aggressively.
The pan-European STOXX 600 index lost 0.77 percent and MSCI’s gauge of stocks across the globe shed 1.46 percent. The 30-year bond last rose 18/32 in price to yield 3.8794 percent, from 3.912 percent late on Monday.
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