Good morning. Federal Reserve Chair Jerome Powell prepares to speak to lawmakers, President Joe Biden faces more pressure and traders brace for bank earnings. Here’s what’s moving markets. — Kristine Aquino

The Fed’s Powell is likely to say policymakers need further confirmation that inflation is slowing before they’re in a position to cut interest rates when he speaks to Congress on Tuesday and Wednesday. His comments will come ahead of Thursday’s consumer price figures for June, which are forecast to show a further moderation of cost pressures. And a big bond bet favored by Citigroup and JPMorgan ahead of that data is getting a boost. Markets are calm, with S&P 500 futures little changed on Monday following its biggest weekly advance since April. Treasury yields edged higher, while the Bloomberg Dollar Spot Index held losses after its first weekly decline in seven.