Barring surprises, the focus will be on Powell's tone. Investors will be trying to gauge whether and how hard he would push back on market pricing for rate cuts beginning as soon as the second half of this year.
"Anything short of Powell going 10 for 10 hawkish may ultimately be seen as being not hawkish enough. Conversely, the market may take even the smallest dovish concession and run with it."
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