This week’s congressional testimony by Fed Chairman Powell kicked off this morning when his prepared testimony was released. It didn’t reveal any significant surprises, indicating the Fed is likely to stay on its current path of waiting to see if future data or events justify another change to key short-term interest rates. We can take that to mean that we won’t see a rate cut or hike in the near future. Because this was not a surprise to the markets, they have had little reaction. The Q&A session is still to come, which could cause the markets to react soon.