Investors wait for the consumer price index in June

The market is expecting the first interest rate cut to take place in September. In general, the market believes that Powell's statements do not contain any new hawkish information. Maybe Mr. Powell will not offer any surprises in his comments.

Meanwhile, US Treasury Secretary Janet Yellen on Tuesday (July 9) echoed Mr. Powell's comments by saying that the US labor market is no longer driving inflation in the country. Traders and investors are now awaiting the June US consumer price index and producer price index reports released this week.

Elsewhere, in the Middle East, Hezbollah leader Sayyed Hassan Nasrallah said that if Hamas reaches a ceasefire agreement in Gaza with Israel, Hezbollah will stop its activities without separate negotiations. Previously, the group began shooting at Israeli targets on the border in support of the Palestinians after their ally Hamas launched an attack on Israel on October 7, leading to the war in Gaza.