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Premarket: Here's what you need to know before the clock



Investors will examine their remarks for evidence that the Fed will cut prices when it meets later this month, and if so, by how much. A strong job report for June has weakened the case for a big move.

Lawmakers may also press Powell on Fed's independence in light of repeated criticism from President Donald Trump.

Trump has recently said that the central bank acted as a "stubborn child" to refuse to pursue simple monetary policies and tweeted that the Fed "does not know what it does."

Powell has pushed back, defended the institution and its isolation from "short-term political interests."

The central bank will appear in front of the House Financial Services Committee at 1

0:00 ET. The Fed also releases minutes from the June meeting at 14.00. ET.

2. Pounds under pressure: The pound swings near a two-year low against the US dollar as the race to replace Prime Minister Theresa May fears Brexit.

Boris Johnson, by the way, succeeding in May, has warned that he could take the UK out of the EU on October 31 without a deal protecting trade.

Analysts at Bank of America Merrill Lynch said in a note Wednesday that the odds of going without a deal have shot up – although it is still not their basic expectation.

"We believe persistent uncertainty is the most appropriate forecast," they said.

Britain's economy grew 0.3% in May, according to data released Wednesday. This eases the pain in a decline of 0.4% in April, but does little to change the picture of a weak economy in general and possible negative growth in the second quarter.

Do you want more markets? Watch CNN's "Markets Now" digital live show on Wednesday at 12:45 pm ET.

3. Market on hold: Markets lack direction ahead of Powell's comments.

US stock price futures point lower. Dow is set to fall 40 points, or 0.2%. Nasdaq and S & P 500 are set to corresponding losses.
European markets opened mixed. The UK's FTSE 100 rose 0.1% while France's CAC 40 and Germany's DAX fell.
Hong Kong's Hang Seng increased by 0.3%, but the Shanghai Composite and Japan's Nikkei shed 0.2%.
Dow Jones industrial average stopped 0.1% on Tuesday. S & P 500 increased by 0.1%, and Nasdaq rose by 0.5%.
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4. Comes this week:
Wednesday – US oil inventory; Fed minutes; Seng Bath & Beyond ( BBBY ) earnings; Powell witnesses in the house
Thursday – US inflation rate; China's trade balance; Delta ( DAL ) earnings; Powell witnesses in the Senate
Friday – US producer prices

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