Powell spoke to quell the volatility and the market rebounded again.

At 23:00 on Tuesday, Federal Reserve Chairman Powell attended a committee hearing to testify on the semi-annual monetary policy report.

Powell was the first toEconomic pathCommented that economic growth slowed sharply after the summer rebound, but recent developments suggest that the economic outlook will improve later this year and that ongoing vaccinations offer hope for a return to normal later this year, but the path of economic development still depends largely on the epidemic and containment measures.

As forLabor marketPowell saidThe pace of improvement in the labor market has slowedThe unemployment rate is still rising and the improvement of job market indicators is slowing. Spending on services is still low, but spending on goods has rebounded. The progress of the labour market in many industries has been affected by heavy losses in industries such as leisure and hotels. But Powell particularly stressedThe Fed will not tighten monetary policy just in response to a strong labor market. If there is any change in the pace of bond purchases, the Fed will send a clear message much earlier.

In response to high-profile inflation expectations, Powell said that in hard-hit industries, inflation is still "particularly weak" and is still below our long-term target of 2 per centAnd reiterated that interest rates will be kept close to zero until full employment and inflation rise to 2%, and are expected to moderately exceed 2% for some time.

As Powell spoke, the three major indexes of u.s. stocks rebounded in the short term, with the Dow down 0.73%, the Nasdaq down 2.28% and the s & p 500 down 1.02%. Brent crude futures rose to $65.33 a barrel, while WTI crude oil futures narrowed their losses to 0.15%.Yields on 10-year and 30-year Treasuries continue to climb, hitting session highsThe rise in the dollar index narrowed.

Spot gold remained above the $1800 mark, while spot silver fell to about 2 per cent.