Interest rate strategist Ira Jersey said there wasn't much new in Powell's testimony, but it did underscore how data-dependent the Fed is. September is the likely point for a rate cut, but there is still a huge risk of being accused of helping Democrats (before the election). At the same time, many investors are concerned that inflation is still too high. Personally, I don't think the urgency of a rate cut is high. But once the Fed does start cutting rates, they will want to continue, and probably sooner than the market has priced in. We expect the Fed to start cutting rates in November.