Watch live: Fed chief Jerome Powell appears in Senate amid hints of interest rate cut
July 11 (UPI) — One day after he signaled the Federal Reserve will consider an interest rate cut at its policy meeting this month, Chairman Jerome Powell will answer more questions Thursday from the Senate banking committee.
Powell’s Semiannual Monetary Policy Report to the Senate committee starts at 10 a.m. EDT.
Powell told the House financial services committee Wednesday that uncertainty around trade policy, tariffs and the global outlook will factor into the Fed’s decision whether to cut rates when the next meetings begin July 30.
“Markets were in a buoyant mood on Thursday as Fed Chairman Jerome Powell gave his strongest indication yet that the Federal Reserve will slash interest rates at the July 30-31 meeting,” said Raffi Boyadjian, senior investment analyst at XM.
Powell told House lawmakers Wednesday he intends to serve his entire four-year term as Fed chief, dismissing criticisms from President Donald Trump in recent weeks.