In his Senate testimony, Federal Reserve Chairperson Jerome Powell gave no signal as to when the Fed might start cutting interest rates, saying instead that he would make a decision "meeting by meeting". But it could be a sign that a rate cut won't come as quickly as the market digests. Stephen Stanley, chief U.S. economist at Santander Capital Markets, said Fed officials usually prepare the market for the next move. Powell's comments on "meeting by meeting" seem certain to rule out a rate cut at the next meeting in July, and in my opinion, a September rate cut is not as certain as financial marekt is currently pricing in. I currently expect the Fed to cut rates for the first time in November.