Analyst: Powell's testimony seems unable to shake the expectation of two rate cuts this year

Institutional analysts said that before Powell's testimony was released, the yield on U.S. Treasury bonds had already begun to fall, dropping to a new intraday low when the testimony was released, but then quickly rebounded. The dollar rebounded and risk assets rose. Powell's remarks tried to convey a message that risks are balanced. In his prepared speech, there seems to be nothing changing the market's expectation of two rate cuts this year.