#PowellRemarks Key Points from Powell's Latest Comments:

- Maintained stance that current policy is restrictive but needs more time to work

- Reiterated data-dependent approach for future rate decisions

- Noted "modest further progress" on inflation but wants more confidence before cutting

- Labor market remains strong but cooling gradually

Market Impact:

- Rate cut expectations pushed back (now pricing ~1-2 cuts in 2024 vs 6 expected earlier)

- Treasury yields edged higher (10-year at 4.25-4.35% range)

- Dollar index (DXY) strengthened slightly

- Stocks muted reaction - S&P 500 flat after remarks

What's Next:

- Next key data points: June CPI (July 11) and PPI (July 12)

- Next FOMC meeting July 30-31

- Markets now see September as earliest possible cut window