The bond market rebounded from session lows, with Jerome Powell only reiterating the Federal Reserve’s wait-and-see approach before policymakers decide to embark on interest-rate cuts.
While the Fed chief didn’t break any major new ground, Wall Street got some relief from his views that recent inflation figures did not “materially change” the overall picture. Powell also reaffirmed that it will likely be appropriate to begin lowering rates “at some point this year.” Equities edged up after a two-day slide, but struggled to pick up much traction amid a drop in a pair of blue chips — Intel Corp. and Walt Disney Co.
