US Fed Chief Powell’s two-day testimony to Congress starts today

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Global markets are closely following Federal Reserve Chair Jerome Powell’s appearance in the US Congress today and tomorrow. US Fed chief Powell’s testimony to Congress is over two days – July 9 and July 10. On July at 10:00 a.m., Federal Reserve Chairman Jerome Powell will testify before the U.S. Senate Committee on Banking, Housing, and Urban Affairs and submit the Semiannual Monetary Policy Report to Congress. On July 10 at 10:00 a.m., the Testimony of Chair Jerome H. Powell is before the U.S. House Financial Services Committee where he submits the Semiannual Monetary Policy Report to Congress.

Fed Chair Powell’s dovish remarks at the ECB’s Sintra forum indicated progress towards the 2% inflation target and a disinflationary path in the US economy. Powell emphasized the Fed’s need to maintain a restrictive stance to prevent price increases and ease monetary policy before the economy enters a recession.

The US Fed has made it clear that a rate cut won’t occur until the country’s CPI falls to 2%. The central bank has maintained its key fed funds rate at a 23-year high since July 2022

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Today, on July 9, Vice Chair for Supervision Michael S. Barr will also be speaking on “Financial Inclusion: Past, Present, and Hopes for the Future” today at the Financial Inclusion Practices and Innovation Conference, Washington, D.C.

Also, Governor Michelle W. Bowman will be speaking on “Promoting an Inclusive Financial System” at the Financial Inclusion Practices and Innovation Conference, Washington, D.C.

Wall Street investors continue to assess the outlook for Federal Reserve monetary policy while awaiting key inflation data and earnings reports from major firms. The S&P 500 index gained a whopping 14.5% to close the first six months of 2024. The Dow Jones Industrial Average rose 3.8% and the Nasdaq Composite climbed 18.1%.

Markets are at all-time highs on hopes that the US Federal Reserve will soon begin decreasing interest rates, making the cost of financing cheaper for corporations. The economy is improving, and corporate earnings for the April-June quarter are projected to be consistent with expectations.

The FOMC meeting takes place on July 30 and July 31 while the US CPI data for June arrives on July 11. Will the US inflation data surprise the markets or align with expectations? We will find out on Thursday this week.