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Federal Reserve Chair Jerome Powell delivered a speech on the U.S. economy Thursday at the Economic Club of New York.

The speech comes during a difficult time for Wall Street. Stocks have been volatile in recent weeks, with Treasury yields reaching multiyear highs, as traders weigh the potential of Fed rates staying higher for longer.

According to the CME Group's FedWatch tool, traders were pricing in a 96% chance that the central bank keeps rates at the current 5.25%-5.5% range heading into Powell's speech.

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