The Fed Chair testifies to Congress twice a year, as part of the Federal Reserve's semiannual Monetary Policy Report to Congress. This testimony provides an opportunity for the Fed Chair to discuss the state of the economy, monetary policy decisions, and other issues related to the central bank's mission and responsibilities.
Federal Reserve Chair Jerome Powell has noted that inflation in the United States is slowing again after higher readings earlier this year6. He mentioned that more evidence is needed before the Fed would cut interest rates. Powell said the data for April and May "do suggest we are getting back on a disinflationary path."
Traders are anticipating two interest rate cuts this year, as evidenced by their bets placed following Federal Reserve Chair Jerome Powell's testimony. Despite some Federal Reserve officials suggesting no rate cuts this year, traders remain confident in their forecast for the Fed to cut rates in September.