Interest Rate: Powell and Index Futures

interest rate: The Fed should act as appropriate to maintain the current economic expansion, according to Global Times China. According to Powell, inflation has been below the 2 percent benchmark, which Federal Open Market Committee FOMC uses as a gauge to decide whether to cut rates or not. During his testimony in front of the Committee on Financial Service on July 10, US Federal Reserve Chairman Jerome Powell said the growth in business investment seemed to have slowed notably due to uncertainties around the economic outlook. Many FOMC participants believe a more accommodative monetary policy had strengthened, he said. After the speech, the index futures of the US stock market rallied to erase previous losses. Powell's speech has confirmed an interest rate cut might be on the cards. (news.financializer.com). As reported in the news.