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By Liz Moyer
Investing.com — U.S. stocks were muted as Federal Reserve Chair Jerome prepared to appear for his second day of Congressional testimony.
At 9:45 ET (14:45 GMT) the was down 5 points, or flat, while the and the were also flat.
Powell said Tuesday that the Fed was prepared to raise the pace of tightening if the economic data supported it. That is leading some futures traders to
bet on
a half-percentage point hike when the Fed meets later this month.
The Fed might also have to raise rates higher than expected to tame inflation, Powell said Tuesday. That was enough to send the major stock indexes down more than 1% each.
Powell is set to appear in the House Financial Services Committee at 10:00 ET.
on private sector payrolls said employers added 242,000 in February, beating expectations and adding to worries that the tight labor market is helping to convince the Fed that interest rates need to move higher. A broader take on the labor market for February is due out from the government on Friday.
Occidental Petroleum Corporation (NYSE:) shares rose 3.8% after Warren Buffett’s Berkshire Hathaway (NYSE:) increased its stake in the oil company to about 22.2%.
Shares of Crowdstrike Holdings Inc (NASDAQ:) rose 6% after the cybersecurity firm reported better-than-expected fourth-quarter .
Oil fell. were down 1.4% to $76.48 a barrel, while were down 1.1% to $82.39 a barrel. were up 0.1% to $1821.
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