S&P 500 closes near the flatline
The S&P 500 closed little changed on Wednesday, but remains within arms reach of its record high.
The broad market index was flat to finish the session at 6,092.16, while the Nasdaq Composite gained 0.31% to 19,973.55. The Dow Jones Industrial Average slipped 106.59 points, or 0.25%, to close at 42,982.43.
— Brian Evans
Powell keeps cautious tone on rates during Senate testimony
Fed Chair Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs during a hearing to “examine the Semiannual Monetary Policy Report to the Congress” on Capitol Hill on June 25, 2025 in Washington, DC.
Kent Nishimura | Getty Images
Federal Reserve Chair Jerome Powell in his second day of Capitol Hill testimony stuck to his cautious approach to tariffs and inflation, saying there will be room for rate cuts if the impact is temporary.
“It’s a risk. We feel like, as the people who are supposed to keep stable prices for the benefit of the American people, we can manage that risk too,” the central bank leader said in an appearance before the Senate banking committee. “That’s all we’re doing. We’re not deciding what to do yet.”
As he did during his testimony Tuesday before the House Financial Services Committee, Powell would not put a timetable on when he thinks further interest rate cuts will be possible, despite heavy pressure President Donald Trump has exerted to get the Fed to cut rates.
Earlier in the day, Trump called Powell “terrible” in a talk with reporters, and said he has three or four candidates in mind as a replacement, according to multiple media reports.
Despite the political pressure, most of the questions Powell faced during the two-day mandated hearing were cordial. Sen. Bernie Moreno (R-Ohio) was one of the few to take an overtly hostile one.
“You’re costing this government $400 billion a year by refusing to lower interest rates,” Moreno said. “Nobody in this chamber has that kind of power to have a $400 billion impact on our economy. I just think you should consider whether you’re really looking through a political lends because you don’t like tariffs.”
Echoing Trump’s criticism, Moreno said, “We got elected by millions of voters, you got elected by one person. He doesn’t want you in that job.”
—Jeff Cox
