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Stocks slump, dollar flies on hawkish Powell

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Stocks fell, the dollar hit multi-month highs and U.S. and German short-term bond yields were parked at their highest levels since at least 2008 as Federal Reserve chair Jerome Powell put big rate hikes back on the table to tame inflation.

The Fed will likely need to raise interest rates more than previously expected in response to strong progress in the world's largest economy,on Tuesday, the first day of his semi-annual, two-day monetary policy testimony before Congress.

Fueling inflation scares, U.S. employers added 500,000 new workers in January while economists polled by Reuters expect the official non-farm payrolls report on Friday to show another 203,000 positions were added in February.

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