Good morning. The Fed is getting close to the confidence to cut rates, the technology behind Huawei’s advanced chip, and Biden delivered the State of the Union address. Here’s what people are talking about.

Federal Reserve Chair Jerome Powell suggested the central bank is getting close to the confidence it needs to start lowering interest rates. “When we do get that confidence — and we’re not far from it — it’ll be appropriate to begin to dial back the level of restriction,” Powell said Thursday while answering questions from the Senate Banking Committee. His remarks add some additional color about officials’ thinking around the timing of the first rate cut, bolstering the idea that such a move could come in the next few months.