Markets are prepping for testimony from Fed Chair Powell before Congress this afternoon. Equity futures are unchanged to slightly higher, and the yield curve is modestly steeper on the day. Market participants will be listening closely for any added guidance with regard to the Fed’s asset purchase program, and Powell may also attempt to talk down the changes in the “dot plot,” similar to what he did during last week’s press conference. Existing homes sales data for may will be released later this morning, and there will be a 2-year Treasury note auction this afternoon.
Jason Haley
Chief Investment Officer
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