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Fed's Bostic: No need to cut rates now.Sees single quarter point (25 bps) reduction late this year. Business officials have become less pessimistic, feel they can manage through tariffs, but say price increases are just a matter of time.

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Powell to outline Fed's rate cut path in testimony before US Congress.Jerome Powell, Chairman of the United States (US) Federal Reserve (Fed), will deliver the Semi-Annual Monetary Policy Report and testify before the US House Financial Services Committee on Tuesday. The hearing will start at 14:00 GMT and it will have the full attention of all financial market players.

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USD: Fed independence risks can take over now – ING.Markets are materially scaling back geopolitical risk as President Trump declared that a ceasefire between Iran and Israel is in place following measured retaliatory strikes on US positions in Qatar yesterday. This morning, Israel confirmed it has agreed to a ceasefire, prompting another leg lower in oil prices, which are now more than 15% off Monday's open, ING's FX analyst Francesco Pesole notes.

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Trump continues to lambast Powell on rate cuts.“Too Late” Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO.