Powell is testifying before Congress.

By, Harshadkr. Arun Salve
Fed Chair Jerome Powell is set to give his semiannual monetary policy testimony before Congress. This testimony is particularly important as investors assess the recent FOMC meeting. Policymakers kept rates on hold, in what some are calling a hawkish pause, and signaled two more hikes later this year. Powell described the pause as a chance for the central bank to assess the impact of its policy direction on the economy.

Powell will answer questions from the Senate Banking Committee at 10 AM ET and appear before the House Financial Services Committee on Thursday. Lawmakers will likely ask why he felt it was the right time to pause rate hikes and what metrics the central bank is analyzing after one of the fastest hiking campaigns in history. Inflation is above the Fed's 2% target and the labor market remains tight.

Stock traders were unfazed by last week's FOMC decision and forecasts, with equities rising since the meeting. This adds to the market rally in 2023, as broader banking contagion risks are off the table and debt ceiling drama is resolved until after the next election cycle. Other economic indicators, like the unexpected increase in monthly new home construction, have also been stronger than expected.

Stock traders were unfazed by last week's FOMC decision and forecasts, with equities rising since the meeting. This adds to the market rally in 2023, as broader banking contagion risks are off the table and debt ceiling drama is resolved until after the next election cycle. Other economic indicators, like the unexpected increase in monthly new home construction, have also been stronger than expected.

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