After Powell's testimony was released, traders predicted that the likelihood of the Federal Reserve's first rate cut in September was slightly above 70%

ChainCatcher news, according to Jinshi reports, Powell's remarks indicate that the FOMC is unlikely to cut interest rates at the end of this month meeting. After Powell's testimony was released, U.S. Treasury yields fluctuated but rose during the day, while the S&P 500 index maintained its upward trend. Traders expect a slightly over 70% chance of the Federal Reserve cutting rates for the first time in September, and anticipate two rate cuts in 2024, each by 25 basis points.