Good afternoon. Markets fall, Fed chair Powell signals higher interest rates, and Elon Musk wants to turn Twitter into a bank.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell on Tuesday as investors digested Fed Chair Jerome Powell's congressional testimony.
Fed Chair Powell warned that interest rates are likely to rise "higher than previously anticipated."
Why markets fell: After Powell's comments, investors boosted bets that the Fed will announce a half-point rate hike at its March meeting.
The crypto market fell on Tuesday, with Bitcoin trading near $22,000, as cryptocurrencies fell in tandem with global markets.
Catch Up
Mortgage applications plunge to a 28-year low as rates climb higher.
This month marks the one-year anniversary since the Federal Reserve started hiking interest rates.
Elon Musk says it's possible for Twitter to become the "biggest financial institution in the world."
