Stock market today: S&P 500, Nasdaq build on record highs as Powell testimony keeps rate cut hopes alive
How many times did the Fed chair testify to Congress annually?
The Fed Chair testifies to Congress twice a year, as part of the Federal Reserve's semiannual Monetary Policy Report to Congress. This testimony provides an opportunity for the Fed Chair to discuss the state of the economy, monetary policy decisions, and other issues related to the central bank's mission and responsibilities.
What are Jerome Powell's views on current inflation trends?
Federal Reserve Chair Jerome Powell has noted that inflation in the United States is slowing again after higher readings earlier this year6. He mentioned that more evidence is needed before the Fed would cut interest rates. Powell said the data for April and May "do suggest we are getting back on a disinflationary path."
How many interest rate cuts are traders anticipating this year?
Traders are anticipating two interest rate cuts this year, as evidenced by their bets placed following Federal Reserve Chair Jerome Powell's testimony. Despite some Federal Reserve officials suggesting no rate cuts this year, traders remain confident in their forecast for the Fed to cut rates in September.