01.What changed in the testimony
Chair Powell's testimony before the House Financial Services Committee on 8 May contained two material shifts. First, he characterised the current policy stance as "well-positioned" — a phrase that historically precedes extended-pause regimes. Second, the dot plot was revised to show one fewer cut in 2026 than the March SEP implied.
02.Cross-border cash implications
For corporates running multi-currency cash pools, the higher-for-longer USD environment continues to make short-duration USD MMF positions attractive relative to EUR, JPY, and GBP equivalents on a carry basis. The implied 6-month USD-EUR carry sits at +178bps as of close.
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