Powell's testimony on potential rate cuts boosts market confidence, S&P 500 and Nasdaq hit record highs

From Yahoo Finance: 2024-07-09 17:21:57

Federal Reserve Chair Jerome Powell updated Congress on potential interest rate cuts, citing cooler inflation as positive. He expressed optimism that more good data could strengthen confidence in reaching the 2% inflation target. Powell mentioned no signs of worsening inflation in the upcoming CPI report, expected to hold at 3.4% in June. Democrats push for rate cuts, while Republicans stress caution. Powell emphasized the Fed’s commitment to making decisions meeting by meeting and highlighted the importance of operational independence. Powell’s testimony echoes a gradual approach to ensure economic stability and job market growth.



Read more at Yahoo Finance: S&P 500, Nasdaq build on record highs as Powell testimony keeps rate cut hopes alive