Fed Chair Powell said will address the Congressional Joint Economic Committee later in the day. Powell’s testimony comes after the Fed cut rates in October for the third time this year. After that meeting, Powell raised the bar for further cuts, but hinted the Fed was a long way off from raising rates.
The Fed’s most-recent rate cut helped the major averages reach record highs recently. In fact, the S&P 500 and Nasdaq Composite posted fresh intraday records on Wednesday. But uncertainty around U.S.-China trade has kept the rally in check over the past few days as investors seek out clues about the state of those negotiations. The U.S. and China are reportedly at loggerheads over tariffs as they seek to conclude phase one of their trade deal.