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incoming update…

Fed Chairman Jerome Powell returns to Capitol Hill to testify before the House Financial Services Committee as part of his regular, semi-annual update on monetary policy.

On Wednesday, Powell appeared before the Senate Banking Committee. Powell pledged that Fed officials will continue to raise interest rates until they see "compelling evidence" that inflation is starting to cool off from the current 40-year high.

The price of a gallon of regular gasoline slipped on Thursday morning to $4.94, according to AAA. The price on Wednesday was at $4.955. Gas has declined for six straight days. Diesel slipped as well to $5.808 up from $5.812.

Oil prices added to losses from the previous session on Thursday, dropping more than 2% as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.

U.S. West Texas Intermediate (WTI) crude futures fell to $105 a barrel. Brent crude futures dropped to $110 a barrel.

Both benchmarks tumbled around 3% on Wednesday to hit their lowest levels since mid-May.

Bitcoin was back above $20,000 on Thursday morning, after falling below that level the previous day. Heading into Thursday, Bitcoin traded down in 14 of the past 16 days. The cryptocurrency was off more than 37% month-to-date and down more than 57% year-to-date.

Bitcoin is down more than 70% from its all-time high of $67802.30 set in November.

Ether was trading around $1,000. Dogecoin was at 6 cents.

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