stocks turned higher Tuesday morning, with tech-related shares extending a bounce from the previous session, as investors appeared to take testimony by Federal Reserve Chairman Jerome Powell in stride as they looked for clues to the pace of future rate increases and other plans for tightening monetary policy in 2022.

Powell painted a picture of a soft landing for the economy as the Federal Reserve moves to remove emergency stimulus measures and begin raising interest rates, even as market participants increasingly expect the central bank to move much more aggressively than previously expected after inflation proved hotter and much more persistent than policy makers had predicted.

Meanwhile, Kansas City Fed President Esther George, in a Tuesday speech, said the central bank should speedily reduce its enormous $8.5 trillion pile of bondholdings to help curb the highest U.S.

Cleveland Fed President Loretta Mester said she would back a rate increase in March if the economic backdrop resembles current conditions.

Mester said she sees the Fed raising rates three times in 2022.

Tech and other so-called growth stocks — shares of companies whose revenue and earnings are expected to grow faster than average — have been hard hit as Treasury yields have risen in response to expectations the Fed will be much more aggressive than previously anticipated in raising rates in an effort to rein in well above-target inflation.

Some Wall Street banks, including Goldman Sachs and Deutsche Bank, now look for the Fed to raise interest rates four times in 2022, versus the three hikes penciled in by Fed policy makers in what’s known as the dot-plot forecast.