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Stock futures rose and bond yields fell as Jerome Powell — as expected — reiterated the Federal Reserve is in no rush to cut interest rates.

In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs “at some point this year,” but made clear they’re not ready yet. Treasuries edged higher. Tech shares led a rebound in equities, with the Nasdaq 100 set to outperform after sliding almost 2% in the previous session.

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