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Market Snapshot: Should investors prepare for a “shock and awe” campaign from the Fed?

Investors cheered Federal Reserve Jerome Powell when he reinforced the market’s belief that the central bank will cut interest rates in July, and continue to ease policy further in the second half of the year, during two days of recent testimony before Congress

The news this week sent the Dow Jones Industrial Average DJIA, +0.90% the S&P 500 index SPX, +0.46% and the Nasdaq Composite index COMP, +0.59% to new highs, but stronger-than-expected U.S. inflation data and a spike in government bond yields in the last couple of days have market participants preparing for a wide range of outcomes in Fed policy over coming months.

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