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What Jerome Powell's Testimony Means for the Rest of Summer Trading

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The summer is starting to wind down. 

Kenny Polcari, managing principal at Butcher Joseph Asset Management, weighed in on what he's watching in the markets. 

"Number one, this week you've got this big Fed speech, the second part of the biannual Humphrey Hawkins testimony, which starts tomorrow and Thursday...He's going to present, he's going to talk about the State of the Union, from a monetary perspective," said Polcari.

He continued, "And where he sees monetary policy going, look, we know the market already expects that he's going to be dovish, that he's gonna that he's going to continue to support this rate cut, which I'm not really sure quite honestly is where we should go...[the market was] expecting a 50 basis point cut. I think now there's this realization that it's only going to be a 25 basis point if at all because I'm still not sure that he's going to cut."

Related.Jerome Powell Hearing Preview: Fed Likely Won't Deviate From Markets Hopes

Related.Fed Rate Cut? 25 Basis Points, Sure. 50 Basis Points? Not Yet

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