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Stocks fall as Fed's Powell confirms more rate hikes this year

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U.S. Federal Reserve Chair Jerome Powell testified before a House panel on Wednesday, saying more rate hikes are on the way, after the central bank paused hikes last week.

The Nasdaq Composite lost 1.2%, while the S&P 500 fell 0.5% and the Dow Jones Industrial Average slipped 0.3%.

The Fed held interest rates steady for the first time in 15 months last week, pausing its aggressive tightening campaign to assess how the economy is faring in the face of higher borrowing costs.The widely expected and unanimous decision left interest rates at a range of 5% to 5.25%, the highest level since 2007.

On Wednesday, Powell said, "We have been seeing the effects of our policy tightening on demand in the most interest rate–sensitive sectors of the economy.""It will take time, however, for the full effects of monetary restraint to be realized, especially on inflation," he added.

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