Just in: The Fed has said officials were leaning towards an interest rate cut ‘in the near term’ when they met in June — a key rationale against trade tensions and a darker outlook for the global economy, though US growth has been relatively solid. https://t.co/CYFPtxBUeb

— Financial Times (@FinancialTimes) July 10, 2019

Worries about inflation are prominent in the latest Fed minutes https://t.co/AZ4K0wGyN3

— Bloomberg (@business) July 10, 2019

Fed realizing it is manipulating the market:

"While overall financial conditions remained supportive of growth, those conditions appeared to be premised importantly on expectations that the Federal Reserve would ease policy in the near term"

— zerohedge (@zerohedge) July 10, 2019

Powell used the words "uncertainties" and "risk" a combined six times in a pretty short testimony. He may start with 25 bps at month-end, but the funds rate will finish the cycle at zero again. Yields will melt out the curve.

— David Rosenberg (@EconguyRosie) July 10, 2019

"Powell doesn't even want to cut in July, but he knows that he would tank the markets if he didn't and then that would become a self fulfilling prophecy…Then it bleeds into the real economy."@DiMartinoBooth @QuillIntel via @TheStreet — https://t.co/wkEhi1KS2u

— Danielle DiMartino (@DiMartinoBooth) July 10, 2019

Before Powell's text was released …

July 31 market probabilities (WIRP)
No move = 5.5%
25bps cut = 94.5%
50bps cut = 0.0%

After the text was released but before his testimony begins (graphic below) …
No move = 0%
25bps cut = 85.5%%
50bps cut = 14.5% pic.twitter.com/207qKcyIHm

— Jim Bianco (@biancoresearch) July 10, 2019