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Seeking Alpha 2021-11-30 16:09:59

Powell's hawkish remarks send stocks, bonds, bitcoin tumbling

It's appropriate to consider a faster pace of tapering, says Fed Chair Jay Powell in Congressional testimony. Earlier in the hearing, Powell said it was time to "retire" the word "transitory," when talking about the inflation picture. The Dow (DJI), S&P 500 (SP500), and Nasdaq Composite (COMP.IND) are all now down 1.5%. Treasurys had been rallying this morning, but yields have bounced back to about flat on the session. Bitcoin (BTC-USD) had climbed over $59K earlier, but has plunged back to $57K. Previous coverage of Powell and Yellen in front of Congress today.

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