NEW YORK, March 9 — Stock markets were mixed on Wednesday after Federal Reserve chief Jerome Powell triggered a rout a day earlier by warning that higher interest rate hikes might be needed to tame stubborn inflation.
Powell told US lawmakers that the “ultimate level of interest rates is likely to be higher than previously anticipated” as economic data had come in stronger than expected. Analysts fretted over a US bond market indicator that has historically been a warning sign of recessions: The gap in yields between the two- and 10-year Treasuries, with the shorter-term issue higher.
Fresh data on Wednesday showed that US private hiring also picked up in February — another indication that more effort might be needed to cool the world’s biggest economy.
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