Interest rates are going higher than anticipated, looks like the bear market is not over yet.

Citing earlier data showing that inflation has reversed the deceleration in late 2022, Powell warned of tighter monetary policy ahead.

Highlights

Federal Reserve chairman Jerome Powell warns of tighter monetary policy ahead.
Stocks fell sharply while Treasury yields jumped after Powell’s remarks were released.
Powell did not specify how high he thinks rates ultimately will go.
The central bank has raised its benchmark fund rate eight times over the past year to its current targeted level between 4.5-4.75%.
Inflation is still running at a 5.4% pace annually, well above the Fed’s 2% long-run target and a shade above the December level.
Some officials, such as Atlanta Fed President Raphael Bostic, have indicated that they see the rate hikes coming to a close soon.

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