"Powell: Fed Nearing Confidence for Rate Cut as Wall Street Rises"

Federal Reserve Chair Jerome Powell indicated that the central bank is close to gaining confidence in falling inflation, suggesting a potential future cut in interest rates. Powell emphasized the need for sustainable progress towards the 2% inflation target and expressed caution despite recent strong economic data. The remarks led to a slight fall in 2-year Treasury note yields and increased investor expectations of an initial Fed rate cut in June. Powell's testimony also addressed concerns about job losses and the economy's resilience, indicating a potential shift in the current policy rate of interest in the coming months.