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Powell testimony, mixed pandemic developments, and strategists suggest buying the dip.

With global markets turning on the outlook for Federal Reserve policy, there will be very close attention paid to Fed Chair Jerome Powell’s answers to questions from the Senate Banking Committee today. While the hearing is about his re-confirmation as chair, all ears will be on his comments as the central bank is set for its sharpest turn toward monetary policy tightening in decades. In his prepared remarks, Powell said the Fed will prevent higher inflation from becoming entrenched, without mentioning any specific policy actions. Also in Fed news, Vice Chair Richard Clarida said he would resign from the board on Friday, two weeks earlier than previously expected.