Market Drops on Fed Chair Powell's Comments

The S&P 500 is falling and bond yields are rising after Federal Reserve Chair Jerome Powell released his prepared remarks for his testimony before the Senate Banking Committee.

Powell said the current economic data is stronger than expected and that could mean a higher terminal rate than previously expected.

"If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," he remarked.

After delivering his remarks, Powell will field questions from Senators.