The equity markets were down for the third week in a row on continued tensions in the Middle East and
hawkish comments from Federal Reserve Chairman Jay Powell. On Tuesday, Powell noted current economic data has not proved a rate cut is needed and “it’s likely to take longer than expected to achieve that confidence”. By the end of the week, expectations for a July rate cut dropped to 35% according to CME Fedwatch Tool as many economists are now looking at a possible move at the September FOMC meeting.