Stock futures came down from previous highs following the release of consumer price index data for June. Although the headline number of 1.6% came in as expected, core inflation rose slightly to 2.1%, versus the expected 2%.
In remarks before the Financial Services Committee on Wednesday, Powell noted that inflation continued to be below the central bank’s 2% target.
In other data, jobless claims for the week ended July 6 came in slightly lower than expected.
The S&P 500 is on track to climb to a fresh all-time higher on Thursday, having ended just some three points below the record it set on July 3.
The Dow could also hit a new all-time high, after it closed 0.4% below last week’s record on Wednesday.
At 10 am ET, Powell will appear before the Senate Banking Committee, where his two-day bi-annual testimony will conclude.