Five Things You Need to Know to Start Your Day: Americas

Good morning. Traders dissect Federal Reserve Chair Jerome Powell’s testimony, Big Tech relinquishes OpenAI roles and divided Democrats keep the election outlook murky. Here’s what’s moving markets. — Kristine Aquino

Powell trade

Markets were calm on Wednesday after Powell said the Fed is wary of potential risks to the labor market, even though it is seeking more evidence of slowing inflation. Treasury yields were little changed, with traders building bullish wagers on a bond rally every single day so far in July. Powell will speak to the House Financial Services Committee later on Wednesday. Meanwhile, US equity futures and European stocks extended ...