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Powell Stands Firm on Independence
- Fed Chairman Powell resisted President Trump's pressure to cut interest rates or be replaced.
- Powell's independence reassures the market and supports effective inflation control.
Market Anticipates Fed Rate Cuts
- Market expects no Fed rate cut at May 7 meeting but anticipates cuts starting in June or July.
- Odds for rate cuts rise through end of 2024, signaling expected easing to support the economy.
Companies Pull Detailed Guidance
- Netflix stopped providing quarterly subscription statistics, potentially reducing its stock volatility.
- Other companies like Tesla are also pulling detailed near-term guidance due to macroeconomic uncertainty.