Powell's opening remarks, released at around 8:30 am on Wednesday morning, left analysts with the impression that a July cut is still very much on the table despite Friday's robust jobs report. The consensus was that Powell sounded very dovish, and equity futures spiked in response, and have remained in the green ahead of the open.

As one analyst pointed out, if Powell was looking to push back against the notion that the Fed will cut rates at the FOMC's meeting later this month, this was his chance to do it. And the fact that he didn't is significant. Since the release, Morgan Stanley has called for a 50 bp rate cut to save the 'faltering economy', and July rate-cut odds have tricked higher.