To give some backdrop to his speech later, this will be his semi-annual testimony to Congress. It is one over the course of two days but usually the first day is the only one that matters. And typically when the text is released ahead of the testimony, that is when markets will start looking for things to react to.Given that, there is a strong chance that we should expect Powell to maintain the status quo currently.The jobs report on Friday may offer up a chance for him to talk a more dovish game but I doubt he'll want to go there. Markets are pricing in two rate cuts for the year with ~80% odds of a move in September. That sounds right up the Fed's alley as the summer heat strikes.That mean
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