Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen returned to Capitol Hill to give a progress report on the pace of the COVID-19 relief efforts in the second day of testimony.
While Powell assured lawmakers that inflation will rise, but won’t spiral out of control, Yellen hinted at forthcoming tax hikes which spooked the financial markets on Tuesday. She reiterated more on the same Wednesday, especially a higher corporate tax rate.
Stocks were higher Wednesday with the exception of the Nasdaq Composite.
|I:DJI||DOW JONES AVERAGES||34715.39||-313.26||-0.89%|
|I:COMP||NASDAQ COMPOSITE INDEX||14154.020372||-186.23||-1.30%|