Fed Chair Powell delivers his SMP Report to Congress – BBH
Federal Reserve (Fed) Chair Jerome Powell to deliver his Semiannual Monetary Policy Report to Congress on Tuesday, BBH analysts note.
Powell is expected to continue urging patience
“Fed Chair Powell delivers his Semiannual Monetary Policy Report to Congress. He appears before the Senate Banking Committee today and then before 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 ‘do suggest that we’re getting back on a disinflationary path’ and stressed that “the strong economy and job market give us the ability to take time” before starting to cut rates.”
“The U.S. economy, whilst slowing, is still doing whether well and so the Fed will be cautious and remain on hold at the July 30-31 FOMC meeting. The market is pricing in less than 10% odds of a cut then and around 80% in September, virtually unchanged from pre-NFP. Barr and Bowman also speak today.”
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FXStreet
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