Echoing The Fed’s Outlook report, Fed Chair Jay Powell warned Congress in the Q&A this morning that he “sees some high prices.”

Ahead of Fed Chair Powell’s first semi-annual monetary policy report to Congress next week (brought forward to 2/27), The Fed has released his prepared remarks warning that “valuations are still elevated across a range of asset classes” and fears “signs of rising non-financial leverage.”

Stocks pushed towards the lows of the day after his comment, not helped by his additional hawkish comment that he has strengthened his outlook for the economy since December…

All major indices are now in the red since Powell began his testimony…