US futures are pointing to a higher open in recovery as of 04:05 ET. European equity markets have opened in the negative territory as they catch up with Wall Street's late selloff. Asian markets went lower. Markets in risk-off mode following Powell's comments on interest rates. With a hawkish spin, he said Fed will not hesitate to tighten again if needed, and expressed uncertainty whether policy was sufficiently restrictive, leading to dialing back of 2024 rate cut expectations.

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