Jerome Powell addressed Congress on Tuesday, detailing the central bank's outlook for monetary policy and economic growth for the coming years. Asked about rate hikes in 2018, the Fed Chair signaled that the option for more than three increases remains open.

"We've seen some data that in my case will add some confidence to my view that inflation is moving up to target," Powell told lawmakers. "We've also seen continued strength around the globe. And we've seen fiscal policy become more stimulative. So I think each of us is going to be taking the developments since the December meeting."

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