Powell hints at possible upcoming rate cut

Fed Chair Jerome Powell testifies on Capitol Hill, giving one of his strongest signals yet that a rate cut may be imminent. Powell said that holding rates too high for too long may jeopardise the health of the U.S. economy. As a result, the S&P 500 and Nasdaq hit new record highs but markets are down in Asia as China’s June inflation data disappoints. We are live in Washington D.C. where gathering NATO leaders have pledged a series of air defence systems to support Ukraine and mull what a potential second Trump presidency could mean for the future of the alliance. And in South Korea, Samsung is hit with an indefinite all-out strike by its 30,000-strong labour union which is demanding better wages and benefits following the company’s recent stellar sales and profits.
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