Fed's Chair Jerome Powell To Appear In front Of Senate Banking Committee In A Half-yearly Reporting Assessment

Investors are awaiting for testimony from Federal Reserve Chair Jerome Powell, and weighed the prospect of a large U.S. stimulus package moving closer to approval.

Powell’s semi-annual report at the Senate Banking Committee Tuesday and the next day at the House Financial Services panel will be monitored for further policy guidance and his assessment of the recovery.

Meanwhile, the House Budget Committee advanced President Joe Biden’s $1.9 trillion pandemic-relief legislation, setting it up to pass the lower chamber by the end of this week.

Powell is likely to reiterate the Fed’s accommodative stance despite the rising inflation outlook. The weakness in the U.S. dollar is reflecting the market’s expectation of a dovish-biased speech.