Concerns grew in global markets with new tariff implementations coming from the United States. All eyes are now turned to the messages Federal Reserve Chairman Powell will deliver in the Senate. Clues related to monetary policy will be sought from Powell’s remarks.

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

Today, attention is on Federal Reserve (Fed) Chairman Jerome Powell’s speech before the U.S. Senate’s Committee on Banking, Housing, and Urban Affairs.

Following Trump’s announcement of a 25% tariff on steel and aluminum imports, tariff concerns regained strength in the markets. Analysts reminded that Trump is expected to announce reciprocal tariffs for all countries this week, indicating that trade tensions could impact the direction of the markets. Moreover, Powell’s statements today will be closely watched for clues on the trajectory of the U.S. economy and potential impacts of tariffs. Analysts noted that expectations for the Fed’s first rate cut in June remained robust in money markets. According to the results of the Consumer Expectations Survey released by the Federal Reserve Bank of New York yesterday, short-term inflation expectations among consumers remained unchanged at 3% last month. In light of these developments, the yield on the U.S. 10-year Treasury bond rose to 4.50%, while the dollar index balanced at the level of 108.4 with a 0.1% increase. The price of an ounce of gold closed at $2,906.93 yesterday, recording a 1.6% gain. After hitting a record high of $2,942.74, an ounce of gold is currently trading at $2,919 with a 0.4% increase.