Comments from Federal Reserve Chairman Jerome Powell and St. Louis Fed President James Bullard on Tuesday (June 25) dampened hopes by some investors that the central bank would deliver a half-point interest-rate cut in July.

Marketwatch reported that in comments at the Council of Foreign Relations, Powell stuck close to comments he made at his press conference last week, saying that while there is greater uncertainty about trade and worries about the global economy, officials don’t know how long this may last or how serious the drag might be.

“The question my colleagues and I are grappling with is whether these uncertainties will continue to weigh on the outlook and thus call for additional policy accommodation,” Powell said in brief remarks ahead of a moderated discussion at the Council on Foreign Relations in New York.

St. Louis Fed President James Bullard, who dissented from the Fed decision to hold rates steady last week in favor of a quarter-point rate cut, repeated in an interview Tuesday that he thought a quarter-point cut would be a wise “insurance” move. But Bullard said he didn’t see the need for a half-point cut.

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