ANALYSIS: Powell's speech seen as signal no rate cuts until November

In his testimony before the Senate, Fed Chairman Jerome Powell did not send any signals about when the Fed might start cutting interest rates, saying instead that the decision would be made "meeting by meeting". But this could be a sign that rate cuts will not come as quickly as the market digested. Stephen Stanley, chief U.S. economist at Santander Capital Markets, said Fed officials usually let the market prepare for the next move. Powell's comments on a "meeting-by-meeting" basis certainly seem to rule out a rate cut at the next meeting in July, and a rate cut in September doesn't seem as certain to me as financial markets are currently pricing in. I currently expect the Fed to cut rates for the first time in November.