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Good morning from the Financial Times. Today is Wednesday, March 8th.

This is your FT News Briefing.

J. Powell told Congress that the Federal Reserve might kick interest rates back into a higher gear.

American women still earn less than men, and the pay gap has barely budged in decades.

Plus, India makes it very hard for investors to place bets that a stock price will fall.

So how did Hindenburg figure out how to short the Adonny Group? We'll take a look.

I'm Mark Filipino, and here's the news you need to start your day.

Federal Reserve Chair J. Powell faced a tough audience yesterday. He was speaking to U.S. law

makers on Capitol Hill, and they wanted to know what the Fed's doing about stubbornly high inflation.

Here's what Powell said. You have seen stronger labor market conditions,

higher inflation, stronger consumer spending, and they do suggest that the possibility that we

ultimately would need to raise rates higher than had been expected.

Markets did not like the idea of higher than anticipated interest rates.

The S&P 500 ended the day down one and a half percent, and the yield on the policy sensitive

two-year treasury in its highest level in 16 years. The FT's Colby Smith has more.

This testimony really served as the platform by which Powell could open the door to a bigger

than expected interest rate increase of, and I think a lot of people across Wall Street and even

some policy makers have signaled was going to be the case. Just in a couple weeks time,

the FOMC is going to meet again and decide on interest rate increases. Given the fact that they

have been downshifting the pace of rate rises over the past couple of months, all indications had

...