Following three straight hold decisions on interest rates, Powell is expected to expand on the Fed’s internal review of its monetary policy framework. Instead of offering timing signals for cuts, he may outline subtle but important changes to how the Fed interprets its dual mandate.

A shift toward a more symmetric inflation target and potential improvements in the Fed’s Summary of Economic Projections (SEP) could influence how markets interpret future inflation trends—even without hard policy signals.

Political pressure is also building, with Donald Trump openly calling for rate cuts. While Powell is unlikely to respond directly, his tone and focus will be carefully dissected for signs of how external pressures may or may not affect the Fed’s decision-making.

Walmart’s Q1 report is a key test for the U.S. consumer narrative. Analysts expect earnings of $0.58 per share, down 3.3% year-over-year, on $164.5 billion in revenue, up 2.9%.

With the stock up 10% year-to-date, expectations are cautious. Oppenheimer’s Rupesh Parikh notes downside risk tied to higher costs and a weaker product mix, but says Walmart remains well-positioned for any consumer slowdown.

Importantly, Walmart has reaffirmed full-year guidance, signaling confidence despite tariff risks tied to Trump’s trade policy. If guidance holds, it may reinforce the view that U.S. consumption remains robust even under policy uncertainty.