PANews reported on July 9 that Powell's remarks indicated that the FOMC is unlikely to cut interest rates when it meets at the end of this month. U.S. Treasury yields fluctuated but rose during the day, and the S&P 500 maintained its gains after Powell's testimony. Traders expect the probability of the Fed's first rate cut in September to be slightly higher than 70%. They expect two 25 basis point rate cuts in 2024.