Federal Reserve Chairman Jerome Powell all but confirms a March rate hike at the next FOMC meeting. He hints there will be more to come, again causing waves on Wall Street. Asian markets and U.S. futures slumped into the red, while short-term Treasury yields neared two-year highs following Powell’s speech. Earnings season is under way with Tesla posting record Q4 results and issuing positive guidance, but CEO Elon Musk admitted continuing chip shortages would constrain new vehicle production. In politics, the U.S. ambassador to Russia hand-delivers Washington’s response to Moscow’s security demands on Ukraine and NATO expansion.

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