Treasury yields are steady in the wake of Powell’s testimony.

Powell’s remarks offered little surprise and markets keep betting that softening economic conditions eventually will force the Fed to hike only once more, rather than twice as projected by the Federal Open Market Committee. Powell is expected to repeat the message later in the day in the Senate.

AmeriVet said that when it comes to policy, speed is no longer an issue as much as finding the right level. The FOMC “generally believes higher rates will be necessary,” AmeriVet said, and that is the point Powell tries to drive home.

Fitch says rates are likely to keep rising in developed countries, while emerging market central banks start to ease soon.

“We now expect the Fed and the ECB to raise rates two more times in the coming months to peaks of 5.75% and 4.5%, respectively, and the Bank of England to raise rates to 5.25%. No subsequent cuts are expected until 2024,” Fitch said. “In EM, by contrast, China recently cut rates and Brazil and Mexico are expected to cut later this year.”