What did Jerome Powell say in his testimony to the House?

The normal practice is that after the Fed meeting and the minute that are published 3 weeks after that, the Fed chairperson also testifies before the US House of Representatives Financial Services Committee. The testimony is also followed by a detailed question hour by the members of the house. At the testimony, Jerome Powell clearly signalled that the US Federal Reserve would hike rates less than expected due to the impact of Russia's invasion.

Prior to the events in Ukraine, investment bankers like Goldman Sachs were pencilling in a rate hike of 50 bps by the Fed in March 2022 FOMC meet. However, Powell indicated that a 25 bps rate hike in March was on the cards, lower than the 50 bps originally expected. The CME Fedwatch now assigns a 95% probability to a 25 bps rate hike in March and zero probability of a 50 bps rate hike in March. Financials bounced 2.8% pushing Dow higher.