Concerns increased in global markets with new tariff implementations from the U.S. The attention now turns to the messages Fed Chair Powell will deliver in the Senate. Clues regarding monetary policy will be sought from Powell’s statements.

President Donald Trump’s tariff announcements continued to complicate pricing in global markets.

Today, all eyes are on Federal Reserve (Fed) Chair Jerome Powell’s speech at the Senate Banking, Housing, and Urban Affairs Committee.

Following Trump’s announcement of a 25% tariff on steel and aluminum imports, concerns about tariffs started to gain strength in the markets again. Analysts reminded that Trump is expected to announce reciprocal tariffs for all countries this week, noting that trade tensions could affect the direction of the markets. Meanwhile, in today’s statements by Jerome Powell, clues will be sought regarding the economic outlook in the U.S. and potential impacts of tariffs. Analysts indicated that the market pricing indicating a rate cut by the Fed in June remains strong. According to the results of the Consumer Expectations Survey released by the New York Fed yesterday, the short-term inflation expectations of consumers remained unchanged at 3% last month. With these developments, the yield on the U.S. 10-year Treasury bond rose to 4.50%, while the dollar index steadied at 108.4 with a 0.1% increase. The price of gold per ounce closed at $2,906.93 with a 1.6% gain yesterday. After hitting a record high of $2,942.74, the ounce of gold is currently trading at $2,919 with a 0.4% premium.