Buying the dip as Fed Chair Powell speaks
Investors are buying the dip in technology, growth, and mega-cap stocks. The S&P 500 is now down 0.3% after dropping as much as 1.8% shortly after the open.Fed Chair Powell is currently testifying before the Senate Banking Committee in his semiannual congressional testimony. In his prepared remarks, Mr. Powell acknowledged that the economy is a long way from the Fed's employment and inflation goals and that it will take some time for substantial further progress on those fronts.In other words, the central bank is committed to its dovish monetary policy stance for the foreseeable future. The 10-yr yield is back down one basis point to 1.35% after touching 1.38% earlier. The 2-yr yield is flat at 0.11%.