US FED Chairman Jerome Powell stoked expectations of an interest rate cut this year.

"If the economy grows as we hope, interest rates will need to be lowered substantially over the next few years," Federal Reserve Chairman Jerome Powell told a House Financial Services Committee hearing today. "Markets have continued to grow solidly this year. A recession is unlikely at this point. A soft landing is possible," raising expectations for an interest rate cut. Meanwhile, he added: "The strong economic conditions and labor market mean that we can approach the issue of lowering rates cautiously. We will decide when to cut rates based on the economic data that comes out. We want to be more confident about inflation," he said, while maintaining a neutral stance. After the hearing, the US Nasdaq rises on expectations.