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What to Watch: Chairman Powell Takes Center Stage

US TSYS
  • With the sole data release out of the way (MBA Mortgage App: +0.5% vs. 7.2% prior), attention turns to Fed Chairman Powell semi-annual testimony House Services Panel at 1000ET, though it's unlikely Chair Powell will deviate from last week's policy messaging.
  • We would expect questions on the inflation outlook, but also on the prospects of a recession, the state of the banking sector (and the Fed's role as both supervisor and lender to banks). The mortgage/housing market and QT's role could come up.
  • Chicago Fed President Goolsbee speaks at WSJ's Global Food Forum at 1225ET, no text but moderated Q&A expected.
  • Treasury supply: $46B 17W Bill auction at 1130ET, followed by $12B 20Y Bond re-open (912810TS7) at 1300ET.

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