Higher interest rates could undermine earnings at JPMorgan Chase.

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Although Wall Street was already pricing in a 100 percent chance of easier monetary policy, the news still sent stocks soaring.

Investors continue to remain optimistic that the Fed will cut rates after Chairman Jerome Powell's testimony on Capitol Hill this week.

Powell agreed, however, that increased severe weather posed a risk to the institutions he supervises. 

Investor sentiment was also buoyed by optimism that the Federal Reserve will cut interest rates at their July 31 meeting.

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Minutes from the June 18-June 19 Federal Open Market Committee were published Wednesday.

"My answer would be no," he said, during his Wednesday testimony on Capitol Hill. 

The cryptocurrency platform raises concerns on money laundering, consumer protection and financial security, Powell said.

Stocks curbed losses on Powell's dovish pivot. 

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The Fed chairman delivers his semiannual Monetary Policy Report at 10 a.m. on Wednesday before the House Financial Services Committee.

“I will say that unequivocally, at the present time, yes he is safe,” Kudlow said.

Trump has repeatedly expressed his desire for the central bank’s chairman, Jerome Powell, to lower rates.

The president has repeatedly urged the U.S. central bank to lower the benchmark federal funds rate.

The jobs report, published by the Bureau of Labor Statistics, boasted 224,000 jobs created last month, far above the 160,000 predicted by analysts,

Chairman Powell's decision to raise interest rates in December outraged Trump.

Lawmakers are asking Facebook to halt work on the offering, while the Federal Reserve is "looking at it carefully."

Powell’s speech comes on the heels of last week’s Federal Open Market Committee two-day policy-setting meeting.