On Wall Street the S&P 500 and the Nasdaq both closed at record highs.
Speaking at a European Central Bank forum in Sintra, Portgual, Powell noted that the latest inflation readings from April and May “do suggest that we are getting back on a disinflationary path”.
However, he added: “We want to be more confident” before we decide on reducing policy. “We just want to understand that the levels that we’re seeing are a true reading on what is actually happening with underlying inflation.”
Minutes from the Fed’s June meeting are due later today and could offer clues on the central bank’s thinking on rates.
Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, said: "Federal Reserve (Fed) president Jerome Powell said that the Fed has made ‘quite a bit of progress’ on inflation and investors didn’t need more to jump back on the back of a bull. The S&P 500 closed at a record high again, while Nasdaq 100 hit the 20,000 mark for the first time in history."
Shares in Tesla jumped 10.2% after the US electric carmaker reported a smaller than expected 5% drop in vehicle deliveries in the second quarter. It said price cuts and incentives helped stimulate demand.
The agenda • 9am BST: eurozone HCOB services and composite PMIs final for June • 9.30am BST: UK S&P global services and composite PMIs final for June • 11.30am BST: ECB policymaker Philip Lane speaks at forum in Sintra • 1.30pm BST: US Trade for May, initial jobless claims • 2.45pm BST: US S&P global composite PMI final for June • 3pm BST: US ISM Services PMI for June • 3.15pm BST: ECB president Christine Lagarde closing remarks at forum • 7pm BST: US Federal open market committee minutes of last meeting
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