Concerns increased in global markets with new tariff implementations from the US. All eyes are now on the message Fed Chairman Powell will deliver in the Senate. Clues about monetary policy will be sought from Powell’s statements.

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

Today, the focus is on the speech that Federal Reserve (Fed) Chairman Jerome Powell will deliver at the Senate Banking, Housing, and Urban Affairs Committee.

Following Trump’s announcement of a 25% tariff on steel and aluminum imports, tariff concerns began to regain momentum in the markets. Analysts noted that this week, Trump is expected to announce reciprocal tariffs on all countries, suggesting that trade tensions could have an impact on market direction. On the other hand, clues about the state of the US economy and the potential effects of tariffs will be sought from Jerome Powell’s statements today. Analysts indicated that pricing expectations of Fed’s first interest rate cut in June continue to remain strong in money markets. According to the results of the Consumer Expectations Survey released by the New York Fed branch yesterday, consumers’ short-term inflation expectations remained unchanged at 3% last month. With these developments, the yield on the US 10-year Treasury bond rose to 4.50%, while the dollar index balanced at 108.4 with a 0.1% increase. The price of an ounce of gold closed at $2,906.93 yesterday, with a 1.6% gain. Following a record high of $2,942.74, an ounce of gold is currently trading at $2,919 with a 0.4% premium.