Markets Eye Powell’s Speech Amid U.S. Data Silence
With no major U.S. releases on the docket, investors are fully focused on Fed Chair Jerome Powell’s 8:30 a.m. speech at the “Integrated Review of the Capital Framework” conference. Markets hope for clear guidance on the rate path: any hint of easing could weaken the dollar and lift gold and equities, while a hawkish tone would likely do the opposite.
Political Pressures Resurface in Washington
Anticipation of Powell’s remarks comes as Treasury Secretary Scott Bessent floats an overhaul of the Federal Reserve, following renewed pressure from President Trump to cut rates and hold Powell accountable. The proposal has revived fears of political interference in U.S. monetary policy and rattled some market participants.
Asia Holds Firm While Tariff Deadline Looms
Asian equities opened steady near a four-year high, buoyed by upbeat earnings expectations and hopes for U.S.–EU and U.S.–Japan trade deals ahead of the 1 August tariff deadline. The euro eased slightly and the dollar index hovered around 97.90, leaving traders keenly awaiting Powell’s tone to decide the next move.
