The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Business investments across the U.S. have slowed recently as uncertainties over the economic outlook linger, Federal Reserve Chair Jerome Powell said Wednesday in prepared testimony to the House Financial Services Committee.
"Inflation has been running below the Federal Open Market Committee's (FOMC) symmetric 2 percent objective, and crosscurrents, such as trade tensions and concerns about global growth, have been weighing on economic activity and the outlook," Powell said in his testimony, reiterating the central bank will "act as appropriate" to sustain the current economic expansion.
The Fed chief also noted that business investment has slowed down "notably," adding the outlook has not improved in recent weeks. Powell will deliver his testimony at 10 a.m. ET and answer questions from lawmakers.
Powell's prepared testimony appeared to confirm the market's rate-cut expectations. Stock futures turned positive after the remarks were released. The Dow Jones Industrial Average was headed for a gain of more than 100 points at the open.
"There is a risk that weak inflation will be even more persistent than we currently anticipate," Powell added, further bolstering the case for a rate cut.
"Overall growth in the second quarter appears to have moderated," Powell said in the prepared remarks. "Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook."
The U.S. and China have been engaged in a trade war for more than a year. Late last month, the two countries agreed to restart trade negotiations in an effort to end the spat. Meanwhile, data from overseas — especially in Europe — are showing weakening economic activity.
Powell noted the economy "performed reasonably well" in the first half of 2019, with consumer spending rebounding in the second quarter after being weak in the first quarter.
Powell's testimony comes after the Fed opened the door to cutting rates at its previous monetary policy meeting in June.
Markets cheered the central bank's remarks, with stock indexes reaching all-time highs last week. Traders are also pricing in a 100% probability of a rate cut before the end of July, according to the CME Group's FedWatch tool.
— CNBC's Jeff Cox and Patti Domm contributed to this report.