"We will not raise interest rates pre-emptively because we fear the possible onset of inflation. We will wait for evidence of actual inflation or other imbalances,” Powell said in a hearing before a U.S. House of Representatives panel.
It’s a busy day ahead for the markets, with prelim private sector PMI numbers for June due out of the Eurozone, the UK, and the U.S later today. Expect plenty of sensitivity to the numbers.
It was a quiet day on the economic calendar. A pickup in Eurozone consumer confidence was not enough for the EUR, however. FED Chair Powell testimony is the main event of the day.