Powell appears this week and is expected to stress there is no rush to cut interest rates

Federal Reserve Chairman Jerome Powell will testify before the House Financial Services Committee on Wednesday. Powell is expected to further emphasize that there is no rush to cut interest rates, especially after the latest inflation data showed that price pressures persist. Powell and nearly all of his colleagues have said in recent weeks that they can afford to be patient about the timing of rate cuts given the overall performance of the U.S. economy. But that may not satisfy Democrats, who worry that interest rate policy could affect November's presidential election. Economists expect Powell to maintain a tough stance in his testimony, signaling to markets that there is no rush to cut interest rates. But if this leads to a tightening of financial conditions, it will continue to weigh on the economy and increase the likelihood of further lagged effects from monetary policy. (Golden Ten)