Federal Reserve Chairman Jerome Powell will deliver his Semiannual Monetary Policy Report to Congress on Tuesday, BBH analysts note.
Powell is expected to continue urging patience
“Fed Chairman Powell delivers his Semiannual Monetary Policy Report to Congress. He appears before the Senate Banking Committee today and the House Financial Services Committee tomorrow.”
“Powell is expected to continue urging patience before the Fed eases. He noted last week that the latest data “suggest we are returning to a disinflationary path” and emphasized that “the strong economy and labor market give us the ability to take our time” before beginning to cut rates.”
“The US economy, while slowing, is still performing well and so the Fed will be cautious and on hold at the July 30-31 FOMC meeting. The market is pricing in a less than 10% chance of a cut then and around 80% in September, virtually unchanged from before the NFP. Barr and Bowman also speak today.”
Source: Fx Street
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