After Powell's testimony was released, traders predicted that the possibility of the Federal Reserve's first rate cut in September is slightly higher than 70%

ChainCatcher news, Powell's remarks indicate that the FOMC is unlikely to cut interest rates at its meeting at the end of this month. After Powell's testimony was released, U.S. Treasury yields fluctuated but rose intraday, and the S&P 500 index maintained its upward trend. Traders expect a slightly more than 70% chance of the Fed making its first rate cut in September, and anticipate two rate cuts in 2024, each by 25 basis points.