New Fed Chairman Jerome Powell will deliver the Fed's semi-annual testimony on the status of the economy late Tuesday and Thursday mornings. He will be speaking to the House Financial Services Committee Tuesday morning and the Senate Banking Committee Thursday. Market participants will watch his words very closely. The Fed is required to deliver this testimony twice a year, which is considered to be of extreme importance to the financial markets. We almost always see the markets move as a result of what is said during this testimony. Look for him to address our employment situation, inflation, stock gains and global political/financial issues and their impact on our economy. His testimony begins at 10:00 AM ET with a prepared statement which is then followed by Q & A with committee members. His prepared words are expected to be released prior to appearing, so we could see a reaction early Tuesday morning. I am expecting to see the markets fluctuate Tuesday morning, possibly affecting mortgage rates also. The first day of testimony usually causes the most volatility because the prepared statement made on the second day often differs little from that of the first day.