US Federal Reserve Chairman Jerome Powell confirmed in his testimony before Congress today that the Fed is committed to returning inflation to its target of 2%, as we took strong measures to tighten monetary policy last year, but inflation is still far from the bank’s goal, and therefore we are expected to witness other strong increases in interest rates. Appropriate and supportive of a decline in inflation towards the target.

Powell indicated that interest rates are likely to be higher than previously expected, as the Fed has a long way to go to remove inflation, especially after the recent positive numbers.

Futures expectations rose by CME’s FEDWatch tool after Powell’s initial statement, and now you see an increase in interest rates by 50 basis points at the March meeting, by about 51%, compared to less than 30% before the testimony, while you see an increase of 25 basis points, about 48.7%, while you are seeing levels The peak US interest rate is around 6%.

The general index of the US dollar is rising by more than 1% today, and it is trading at 105.20 levels, while the yellow metal is losing about 1.40%, and it is trading at $1,820 an ounce.4

American indices turned red and lost nearly 1% after this testimony, as the S&P 500 index is trading at 4.006 levels, down by 1.02.