How Fed Chair Powell's Comments Moved Markets

Jay Powell, Chair of the Federal Reserve, testified before the House Financial Services Committee, discussing potential rate hikes. He suggested a 25 basis point increase at the March meeting, with the possibility of more aggressive hikes if inflation remains high. The equity markets reacted positively, viewing the comments as dovish, while bond yields rose significantly. The bond market has been adjusting in response to Powell's commentary, reflecting changes in market expectations.

What does Jay Powell suggest about the potential for more aggressive rate hikes?

What context did Jay Powell provide regarding the bond market's performance in relation to the Federal Reserve's actions?