Powell's comments suggest the FOMC is unlikely to cut rates when it meets at the end of the month, PANews reported. U.S. Treasury yields fluctuated but moved higher on the day, and the S&P 500 held its gains after Powell's testimony. Traders are pricing in a slightly higher than 70% chance of the Fed's first rate cut in September. They expect two 25 basis point rate cuts in 2024.
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Following Powell's testimony, traders are pricing in a slightly higher than 70% chance of the Fed's first rate cut in September.
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