U.S. Treasury yields inched higher on Thursday morning, despite the intensifying conflict between Russia and Ukraine.
"We're going to avoid adding uncertainty to what is already an extraordinarily challenging and uncertain moment," he said under questioning from members of the House Committee on Financial Services.
"To the extent that inflation comes in higher or is more persistently high than that, we would be prepared to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings," he added. Powell will testify again on Thursday before the Senate Banking Committee at 10 a.m. ET.
ADP also posted better-than-expected private payroll data on Wednesday, with 475,000 jobs added in February. This comes ahead of the closely watched nonfarm payrolls report, due out on Friday morning. Economists are expecting 440,000 jobs to have been added during the month. January's report showed anThe number of initial jobless claims filed last week is due out at 8:30 a.m. ET. Economists are forecasting a print of 225,000, according to estimates from Dow Jones.
Markit is set to release its final purchasing managers' index for February at 9:45 a.m. ET. ISM's non-manufacturing PMI data for February is then due out at 10 a.m. ET.
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