Stock Market Today: Powell Reins in Rate-Hike Prospects, Sets Stocks Loose

Fed chair's testimony that he is 'inclined to support a 25-basis-point rate hike' triggered a broad rebound in stocks Wednesday.

Jerome Powell
Federal Reserve Chair Jerome Powell testifies on March 2 about monetary policy and the state of the economy in front of the House Financial Services Committee in Washington, D.C.
(Image credit: Getty Images)

After more than a week of international affairs monopolizing Wall Street's spotlight, attention shifted back to interest rates as Federal Reserve Chair Jerome Powell telegraphed the answer to one of investors' most pressing questions – and lit a fire under stocks.

In prepared testimony to the U.S. House Committee on Financial Services, Powell said he's "inclined to support a 25-basis-point rate hike" at the next Federal Open Market Committee meeting, set for March 15-16.

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Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.