币界网报道：US stocks close strong, near all-time highs, but FedEx issues warning. Fed's Barr: Monetary policy well prepared to wait and see. Early US intelligence shows that strikes on Iran did not destroy nuclear facilities - CNN. Crude oil falls sharply for second day. Fed's Williams: The impact of tariffs may become stronger in the coming months. The main reason US stocks are near all-time highs. Kashkari: What I hear from businesses is that fundamentals are strong, but there are concerns about tariffs. Crude oil stabilizes after falling to $64. What happens next? The Senate plans a "make-or-break" vote on the US budget on Friday. The US Treasury sold $69 billion of two-year Treasury bonds at a high yield of 3.786%. More from Fed's Williams: Economic growth will slow. Powell: We expect to see meaningful inflationary effects of tariffs in June, July, August. Fed's Williams: Moderately restrictive monetary policy provides room to study new data. Hassett: Trade deal will be reached after tax bill is passed. Technology and financial stocks led the gains: The surge in the semiconductor industry boosted market confidence. Powell: There are many possibilities for economic development. Bank of England Bailey: I think we are starting to see a slowdown in the labor market. The US consumer confidence index in June was 93.0, expected to be 100.0. The Richmond Fed manufacturing index in June was -7, expected to be -10. ECB Lane: We have enough confidence that the work of reducing inflation to the target level has been basically completed. Bank of England Ramsden pointed out that the labor market is easing and paid more attention to downside risks. The Iranian president said that if Israel abides by the ceasefire agreement, Iran will also abide by it. Trump: China can now continue to buy oil from Iran. Fed Hammack: Interest rate policy may remain unchanged for quite a long time. The Case-Shiller 20-city house price index in the United States fell 0.3% month-on-month in April, expected to fall 0.1%. The Philadelphia Fed's non-manufacturing index in June was -25.0, with a previous value of -41.9. Canada's CPI in May increased by 1.7% year-on-year, in line with expectations. ECB Kazimir: I think we have reached the target of the neutral interest rate. Canadian inflation data kicks off the North American economic calendar. Fed Chair Powell testifies, USD falls after Israel-Iran ceasefire. ECB's de Guindos: Potential deflationary process not derailed at all. Today, the US dollar fell against major currency pairs. The biggest decliners were against the Japanese yen and Swiss franc, against both currencies, the dollar fell -0.92%. The dollar fell -0.7% against the British pound and 0.50% against the Australian dollar and New Zealand dollar. USDCAD was little changed as traders pushed USDCAD higher (Los Angeles dollar lower) due to the sharp drop in crude oil prices. Today, crude oil prices fell by nearly 5%, a drop of more than $10 in two days. The earlier decline in USDCAD was partly helped by the Canadian CPI rising by 0.6% in May. This has somewhat suppressed year-on-year inflation - for a year. The biggest economic event in the US today is the testimony of Fed Chair Powell on Capitol Hill. He spoke to members of the House of Representatives today and will speak to members of the Senate tomorrow. During his Q&A session, he stressed that the U.S. economy is not currently in recession and that the labor market remains strong with no clear signs of softening. He noted that any signs of weakness in the labor market would affect the Fed's policy outlook. For now, the strong economy allows the Fed to pause on interest rate changes. He also said it was too early to assess the full impact of developments in the Middle East, adding that the U.S. is not under pressure to meet its dual mandate of price stability and full employment. On housing, Powell acknowledged that there are long-term structural shortages that are beyond the Fed's control, but he insisted that restoring stability remains the key goal. He also said it was too early to comment on the supply chain in any meaningful way. On inflation and tariffs, Powell said inflation is likely to be lower than expected, which would support an earlier rate cut. However, if inflation or the labor market remain strong, any rate cuts could be delayed. He acknowledged that forecasts suggest that inflation could rise as a result of the new tariffs, and the Fed expects to see any meaningful inflation impact in June, July, and August. However, on the policy path, Powell noted that there are still a number of possible scenarios, including a rate cut as early as July - depending on the incoming data. He stressed that the Fed is in no rush and has no pre-set timetable for rate cuts. Policymakers will continue to monitor the situation and "wait and see" before making a decision. He said the vast majority still believe that a rate cut would be appropriate later in 2025, although the forecast remains highly uncertain. Powell added that if there were no inflation concerns, the Fed might have resumed rate cuts. The challenge now is to determine the right timing, but he assured that rate cuts will eventually come once inflation pressures are truly under control. Finally, Powell talked about the current level of interest rates, noting that they are well above the near-zero rates of previous years, which gives the Fed greater flexibility to cut rates if needed. With higher rates, the central bank can afford to pause. However, he reiterated that the continued uncertainty around tariff-driven inflation has prevented the Fed from taking rate cuts so far. Several other Fed members also spoke during the US session: New York Fed President John Williams (voting) said the US economy remains in good shape and the job market is solid, but economic growth is expected to slow to around 1% this year, and the unemployment rate may rise to 4.5%. He noted that tariffs and uncertainty are weighing on the outlookTariffs could push inflation up to 3% in 2025 — an increase of about 0.25 percentage points. However, he expects inflation to gradually decline to 2% over the next two years. Monetary policy remains well-positioned, and while rates will eventually need to move lower, the current settings give the Fed room to assess incoming data. Minneapolis Fed President Neel Kashkari noted that while inflation remains above the Fed’s 2% target, significant progress has been made in bringing it down. He said businesses reported strong fundamentals but also expressed concerns about tariff-related uncertainty, which adds to the complexity of the economic outlook. Kashkari, seen by some as a dark horse who could take an early dovish stance, did not commit to a timeline, instead signaling a more cautious, data-dependent approach going forward. FOMC voting member Michael Barr reiterated that monetary policy is well-positioned to take a wait-and-see approach, much in line with Chairman Powell’s stance. He noted that the U.S. economy remains solid, unemployment is low and stable, and the deflationary process is underway. However, he warned that tariffs could push up inflation, and could also slow economic growth and lead to higher unemployment. His comments reinforced a cautious stance, causing bets on a July rate cut to fall to 18% from 25% the day before. Powell's comments helped maintain and extend stock market gains that occurred late yesterday after a ceasefire was announced between Israel and Iran. The news boosted stocks at the start of the day, while the testimony helped increase buying interest. In the end, the major indexes all rose more than 1.1%, led by the Nasdaq, which rose 1.43%. The final figures showed: The Dow Jones Industrial Average rose 507.24 points, or +1.19%, to close at 43089.02. The S&P rose 67.01 points, or +1.11%, to close at 6092.18. The NASDAQ index rose 281.56 points, or 1.43%, to close at 19912.53. In the U.S. bond market, yields moved lower, which is another tailwind for stocks: The 2-year yield is 3.818%, -1.0 bps. The 5-year yield is 3.857%, -2.8 bps. The 10-year yield is 4.292%, -3.0 bps. The 30-year yield is 4.831%, -2.8 bps. A look at other markets at the end of the day showed: Crude oil traded down -$3.50 or -5411% to $65.01. Gold traded down $44 or -1.31% to $3323.06. Bitcoin traded up $400 or 0.39% to $105,870