Defines "gradual"
The Fed Chair has said that 4 rate hikes this year comes under the definition of "gradual".
He added:
- greater confidence US will grow above trend
- says faster pace of Fed tightening remains to be seen
- hard to tighten aggressively with inflation below
So the combination keeps 4 tightenings in play without committing to it.
The 2 year yield remains at 2.254%, near unchanged on the day.
The Dow is now down -31 points and the S&P is down -3.8 points now.
The testimony is now over.
