According to BlockBeats, on July 9, institutional analysts reported that US Treasury yields began to fall before the release of Powell's testimony, hitting a new intraday low at the time of the testimony's release, but then quickly rebounded.
The dollar rebounded and risk assets rose. Powell's remarks attempted to convey a message that risks are balanced. In his prepared speech, there seemed to be nothing that changed the market's expectation of two rate cuts this year.