Economic calendar: Jerome Powell to deliver testimony in Congress today 👀📃

The key event of the day is the start of Jerome Powell’s two-day testimony before Congress. Powell will defend the Fed’s decision to keep interest rates unchanged at least until September, despite pressure from President Trump and some Republican lawmakers pushing for cuts.

He is expected to address the state of the U.S. economy, inflation trends, and respond to Democratic concerns over maintaining the Fed’s independence. While inflation remains low and the economy stable, Powell and most policymakers prefer to wait for more data before changing policy—especially amid ongoing geopolitical uncertainty. Meanwhile, two FOMC members have already suggested they may support a rate cut as early as July if conditions deteriorate.

Detailed daily calendar to follow:

09:00 AM BST, Germany - German Business Expectations for June:

• forecast 90.0; previous 88.9;

09:00 AM BST, Germany - German Current Assessment for June:

• forecast 86.5; previous 86.1;

09:00 AM BST, Germany - German Ifo Business Climate Index for June:

• forecast 88.1; previous 87.5;

09:00 AM BST, United Kingdom - BoE Gov Bailey Speaks

10:00 AM BST, Germany - German Buba Mauderer Speaks

12:15 PM BST, Euro Zone - ECB's De Guindos Speaks

01:30 PM BST, Canada - Inflation Data for May:

• Core CPI: previous 0.5% MoM;
• Core CPI: previous 2.5% YoY;
• CPI: forecast 0.5% MoM; previous -0.1% MoM;
• CPI: forecast 1.7% YoY; previous 1.7% YoY;
• Median CPI: forecast 3.0% YoY; previous 3.2% YoY;
• Trimmed CPI: forecast 3.0% YoY; previous 3.1% YoY;
• Common CPI: forecast 2.4% YoY; previous 2.5% YoY;

02:35 PM BST, United Kingdom - MPC Member Ramsden Speaks

02:55 PM BST, Euro Zone - ECB's Lane Speaks

03:00 PM BST, United Kingdom - BoE Gov Bailey Speaks

03:00 PM BST, United States - Richmond Manufacturing Index for June:

• Richmond Manufacturing Index: forecast -10; previous -9;

03:00 PM BST, United States - Fed Chair Powell Testifies

03:00 PM BST, United States - CB Consumer Confidence for June:

• forecast 99.4; previous 98.0;

04:40 PM BST, United Kingdom - BoE MPC Member Pill Speaks

05:30 PM BST, United States - FOMC Member Williams Speaks

09:00 PM BST, United States - Fed Vice Chair for Supervision Barr Speaks