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Powell to Deliver First Comments Since Rate Cut
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September 23, 2025
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3:35Now PlayingMichael McKee, Bloomberg International and Economics Policy correspondent, previews what we expect to hear from Fed Chair Jerome Powell in his first comments since the Fed's most recent rate cut.
Treasuries were headed for gains for the first time in five sessions on a day dominated by speeches from Federal Reserve officials, culminating with Jerome Powell, that may provide signals on the path for interest rates.
Yields moved lower across tenors, with the 10 year’s trading two basis points lower at 4.13% Tuesday morning in New York. It marked a small rebound for a market that has been under pressure since officials last week expressed a cautious approach to further rate cuts, with comments on Monday reiterating that tone.
Investors are looking for greater clarity given the number of Fed speakers on Tuesday, including Powell, who is set to deliver remarks on the economic outlook midday in Rhode Island. Last week, Powell characterized the rate cut as “risk management” and underscored the need to balance cracks in the job market against the risks of rising inflation.
“Powell will, hopefully, clear up some of the confusion around having framed last week’s cut as a ‘risk management’ move,” said Michael Brown, senior research strategist at Pepperstone.
The market will get a fresh test of appetite for US bonds when the Treasury sells $69 billion of two-year notes at 1 p.m. New York time. Brown said that auction is likely to be “taken down relatively well.”
Earlier Tuesday, Fed Governor Michelle Bowman urged policymakers to act decisively to bring down rates to support the sagging labor market.
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