Powell Testimony to Address Economic Outlook and Potential for Rate Cuts Amid Apple's China Struggles
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Markets will listen to Powell's testimony for hints about future interest rate cuts and how long the economy can perform well with high rates.
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Investors want to know if Powell sees signs of economic softening that could justify rate cuts.
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There are concerns about regional banks' exposure to struggling commercial real estate.
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Powell is expected to emphasize patience and say the Fed foresees at most 3 rate cuts in 2023.
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iPhone sales in China dropped 24% in early 2023, adding to Apple's problems in that key market.