(Bloomberg) — Stocks closed at all-time highs, with Jerome Powell’s remarks to Congress doing little to alter bets the Federal Reserve will be able to cut interest rates this year.
Most Read from Bloomberg
Financial shares the led gains on Tuesday, with the S&P 500 up for a sixth straight session — its longest winning run since January. Shorter-term Treasuries outperformed on bets they would more likely benefit from policy easing. Powell was careful not to offer a timeline for rate cuts. However, he emphasized mounting signs of a cooling job market after government data showed a third straight month of rising unemployment.
“The rhetoric today continued to move toward preparing the market for a cut in rates later this year,” said Michael Feroli at JPMorgan Chase & Co. “Powell largely stuck to the script when it came to the economy, and many questions weren’t about the economy, but instead about Basel endgame.”
Powell said…
