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Powell testimony, $3.5 trillion stimulus, and bank earnings continue.

Federal Reserve Chair Jerome Powell begins his semi-annual testimony to the House Financial Services Committee this morning, with Democrats on the panel seeking his support for another round of government spending. Republicans are likely to point to yesterday’s hotter-than-expected inflation print as evidence of the dangers of further stimulus. Powell will have to have answers for both, while also being aware that a decision on his own future remains in the balance. His testimony moves to the Senate tomorrow before he meets with Treasury Secretary Janet Yellen on Friday to discuss risks from the hot U.S. housing market.