Powell Heads to Capitol Hill. More Investors Are Betting on a July Rate Cut.

Federal Reserve Chair Jerome Powell will testify to the House Committee on Financial Services on Tuesday, as part of his semiannual update to Congress on the economy and monetary policy. He'll field questions from lawmakers at a time when more investors are starting to bet on a July interest-rate cut.

Traders are currently pricing in a 23% chance that the central bank lowers borrowing costs next month, according to the CME FedWatch tool. A week ago, the figure stood at 16%.

President Donald Trump has repeatedly called on Powell to cut rates in recent months. Some policymakers appear to be coming around to that line of thinking.