MARKET WRAP: JSE closes lower as traders await US Fed interest-rate stance
US Federal Reserve chair Jerome Powell will testify before congress on Wednesday and Thursday
The JSE closed lower on Tuesday, tracking global markets as traders await any further signs regarding the trajectory of US monetary policy, placing pressure on global risk assets.
Investors have dialed back expectations that the US may cut interest rates after better-than-expected non-farm payrolls data was released on Friday. US Federal Reserve chair Jerome Powell will testify before Congress on Wednesday and Thursday, as expectations of a 50-basis-point cut at its next meeting wear off.