Fed Chair Jerome Powell, speaking before Congress on the first day of his semi-annual testimony, said that if inflation fails to about the degree expected by the Fed this year, the central bank would be prepared to raise interest rates more aggressively. That could mean 50 bps increments, Powell said. 

Additional Remarks:

"I expect we will make progress in March towards a plan for reducing our balance sheet."

"The Fed will not finalize balance sheet plan at this meeting."

"The Fed will proceed, but will do so carefully in light of the Ukraine war."

"The Fed will not add to uncertainty with our moves."

"We think that inflation will peak and begin to abate this year."