European stock exchanges all closed strongly, with Wall Street in positive territory pending the Fed.
The market is betting, and consequently already partially discounting, a contained rise in rates in March and a gradual reduction in bond purchases by the American central bank.
In Milan, the Ftse Mib index gained 2.27%, Frankfurt closed up by 2.22% and Paris by 2.11%.
The price list on Wall Street also keeps growing.
Powell's problem is how to cool the highest inflation in decades without stifling the labor market and thereby slowing consumption and growth.