Federal Reserve Chairman Jerome Powell will continue his second day of testimony before the Senate on Wednesday, July 10, reporting on the state of the U.S. economy and the Federal Reserve's intention to cut interest rates. Additionally, comments are expected from Chicago Fed President Austen Goolsbee and Federal Reserve Board members Michelle Bowman and Lisa Cook. Mortgage applications data for the previous week is also due to be released tomorrow.
“Asking for a Trend” host Josh Lipton predicts tomorrow's top news stories and economic data.
For more expert insights and the latest market trends, click here to watch the full episode of “Ask the Trends.”
This post was written by Luke Carberry Morgan
Video Transcript
Keep an eye out for comments from Federal Reserve Chairman Jerome Powell on Wednesday, July 10th.
He is scheduled to resume his congressional testimony in the morning.
The comments before the House Financial Services Committee came after Chairman Powell was questioned today by the Fed chairman of the Senate Banking Committee suggesting the central bank is becoming more comfortable with cutting interest rates and keeping the Fed on track.
There will be more Fed commentary throughout the day tomorrow, with Chicago Fed President Austin Ruby, Fed Governors Michelle Bowman and Lisa Cook Bowman speaking at a small business conference in Washington, DC, following the stronger-than-expected Small Business Optimism Index.
Two important economic data points are due for release this week, the Consumer Price Index and the Producer Price Index, and Wall Street will be watching tomorrow for any clues on inflation from Federal Reserve officials.
And finally, we're going to get a bit of data about the home in the form of a mortgage application.
Last week, claims were down 2.6% from the previous week.
That wraps up today's trend questions.
Be sure to check back tomorrow at 4:30 PM ET for the latest market-moving news that will impact your wallet.
good night.