After Powell's testimony was released, traders estimated the possibility of the Federal Reserve's first rate cut in September to be slightly above 70%

PANews reported on July 9th that Powell's remarks indicate it is unlikely for the FOMC to cut interest rates at the end of this month. The yield on U.S. Treasury bonds fluctuated but rose intraday, and the S&P 500 index maintained its upward trend after Powell's testimony was released. Traders anticipate a slightly over 70% chance of the Fed making its first rate cut in September. They expect two cuts of 25 basis points each in 2024.