(Rajeshni Naidu-Ghelani – CBC News)
North American stocks reversed earlier gains to head lower on Tuesday after comments by the new Federal Reserve Chairman Jerome Powell on the strength of the U.S. economy pushed bond yields higher.
During his first speech in front of lawmakers in Washington D.C,, Powell said that it was his personal view that the U.S. economy had strengthened since December and he saw inflation heading towards the central bank’s two per cent target.
"I think each of us is going to be taking the developments since the December meeting into account and writing down our new rate paths as we go into the March meeting and I wouldn’t want to pre-judge that," said Powell during the question and answer period after his prepared speech. Click here to read more.