- Building on to yesterday's momentum that vaulted the S&P 500 over the 3,000 level, U.S. stock index futures are extending gains by a modest 0.2%.
- Although Jerome Powell's congressional testimony merely underlined the Fed case for easing policy to insure against the economic effects of a trade war and sub-target inflation, it was enough to get futures markets back pricing in a 1-in-4 chance of 50 bps cut later this month.
- Powell is back in the spotlight today, testifying before the Senate Banking Committee and likely emphasizing his dovish outlook in the Q&A with senators.