S&P 500 closes close to the flatline
The S&P 500 closed little modified on Wednesday, however stays inside arms attain of its document excessive.
The broad market index was flat to complete the session at 6,092.16, whereas the Nasdaq Composite gained 0.31% to 19,973.55. The Dow Jones Industrial Common slipped 106.59 factors, or 0.25%, to shut at 42,982.43.
— Brian Evans
Powell retains cautious tone on charges throughout Senate testimony
Fed Chair Jerome Powell testifies earlier than the Senate Committee on Banking, Housing, and City Affairs throughout a listening to to “look at the Semiannual Financial Coverage Report back to the Congress” on Capitol Hill on June 25, 2025 in Washington, DC.
Kent Nishimura | Getty Pictures
Federal Reserve Chair Jerome Powell in his second day of Capitol Hill testimony caught to his cautious method to tariffs and inflation, saying there will likely be room for charge cuts if the impression is non permanent.
“It is a threat. We really feel like, because the people who find themselves supposed to maintain steady costs for the good thing about the American individuals, we will handle that threat too,” the central financial institution chief mentioned in an look earlier than the Senate banking committee. “That is all we’re doing. We’re not deciding what to do but.”
As he did throughout his testimony Tuesday earlier than the Home Monetary Companies Committee, Powell wouldn’t put a timetable on when he thinks additional rate of interest cuts will likely be potential, regardless of heavy stress President Donald Trump has exerted to get the Fed to chop charges.
Earlier within the day, Trump referred to as Powell “horrible” in a chat with reporters, and mentioned he has three or 4 candidates in thoughts as a substitute, based on a number of media stories.
Regardless of the political stress, a lot of the questions Powell confronted throughout the two-day mandated listening to had been cordial. Sen. Bernie Moreno (R-Ohio) was one of many few to take an overtly hostile one.
“You are costing this authorities $400 billion a 12 months by refusing to decrease rates of interest,” Moreno mentioned. “No one on this chamber has that sort of energy to have a $400 billion impression on our financial system. I simply suppose it’s best to think about whether or not you are actually trying by a political lends since you do not like tariffs.”
Echoing Trump’s criticism, Moreno mentioned, “We bought elected by tens of millions of voters, you bought elected by one particular person. He would not need you in that job.”
—Jeff Cox
