Stocks opened higher Tuesday as investors attempted to look past Federal Reserve Chair Jerome Powell's hawkish appearance on "60 Minutes." However, the main indexes ran out of steam as the session wore on as more central bankers took the wait-and-see route toward rate cuts.
The major benchmarks all closed lower Monday after Powell's Sunday night appearance on CBS' "60 Minutes" reiterated what he said following last week's Fed meeting. Specifically, Powell insisted that the Fed will not cut interest rates until it is confident inflation is sustainably moving toward the 2% central bank's target.
