USD/JPY

Federal Reserve Chairman Jerome Powell said he sees the United States on track for years more of steady growth, but was challenged in a congressional hearing by senators worried the Trump administration's trade policies were already damaging businesses in their districts.

Powell in written testimony to the Senate Banking Committee and in his response to questions about a possible "trade war" largely discounted the risks and said there would be a positive outcome if the administration's bargaining ultimately produced a world of lower tariffs.

Fed Chair Jerome Powell will deliver the Fed’s semi-annual monetary-policy report to Congress. He will appear before the Senate Banking Committee on Tuesday and before the House Financial Services Committee on Wednesday. We expect Powell to reiterate his sanguine baseline outlook for the US economy, the same that was highlighted in the FOMC minutes as well as in recent speeches and interviews.

The Commerce Department said U.S. retail sales increased 0.5% last month. Data for May was revised higher to show sales rising 1.3% instead of the previously reported 0.8% gain.

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