POWEL HAS BEEN ACCOUNTABLE TO CONGRESS FOR 150 MINUTES

Fed Chairman Powell has been questioned by US Congressmen since 5:00 PM. Trump supporters are particularly pressuring Powell for not cutting interest rates due to the housing problem, while Trump opponents are trying to make him quarrel with Trump.

So far, Powell seems to have broken his rigid stance on interest rate cuts, but said he wants to move a little slower.

The two arguments he put forward for this are; customs tariffs and that he says he hasn't fully seen the reflection of inflation yet.

However, Trump will take steps on customs tariffs by signing new decisions on July 4th. It also seems that he has convinced other countries to provide support at the rate of 5 percent of GDP at today's NATO meeting. This is positive news for the US arms industry.

Trump will use these arguments to push even harder for an interest rate cut.