Yields are stable ahead of Fed Chair Powell Testimony on Capitol Hill
Treasury yields remained stable as investors awaited Federal Reserve Chair Jerome Powell's twice-yearly report on the economy to Capitol Hill. Powell is set to address the Senate Committee on Banking, Housing, and Urban Affairs at 10 a.m. Eastern on Tuesday, followed by the House Committee on Financial Services on Wednesday, where he is expected to face tough questions.
Powell may urge lawmakers to be patient until inflation shows clear progress toward the Fed's 2% target, though he could also express optimism and suggest potential rate cuts due to slowing economic growth and a weakening job market. The June CPI report, due on Thursday, is expected to show inflation easing from 3.4% to 3.1%. Markets see a 95.3% chance the Fed will maintain current rates at the July 31 meeting and a 73.6% chance of a rate cut by September.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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