"Market awaits Powell's testimony on economy and interest rates amid confusion and pause in Wall Street rally"

Federal Reserve Chair Jerome Powell will testify before Congress on Wednesday and Thursday, facing questions about the economy and the Fed's plans for interest rates. The Fed paused its rate hike run for the first time in 11 meetings last week, but still predicts two more interest rate hikes this year to fight inflation. Powell may face questions about the stability of the banking system in the aftermath of three bank failures since March. The Fed's plan to keep rates unchanged for now allows additional time to assess the impact of rate hikes on the economy before deciding on its next moves.