Federal Reserve Board Governor Waller: Once we start cutting rates, how much we will cut remains an open question.

The Philadelphia Semiconductor Index extended its losses, falling 4%.

Italian Economy Minister: We hope that the European Commission will recognize the importance of defense spending in assessing compliance with EU budget rules.

Federal Reserve Board Governor Waller: The key to easing policy is to do it when conditions are right.

Egyptian Prime Minister: Egypt plans to use renewable energy to meet summer energy needs by 2025.

The S&P 500 energy index hit a nearly two-month high, rising 1.1%.

The KBW regional bank index reached its highest point in more than a year, rising 1%.

Egyptian Prime Minister: Rolling blackouts will be stopped from Sunday.

Federal Reserve Board Governor Waller: Wage growth has continued to slow and is now consistent with the pace needed to support inflation running sustained at 2%.

Federal Reserve Board Governor Waller: We currently believe that the upside risks to unemployment are greater than we have seen in a long time.

Federal Reserve Board Governor Waller: As personal income data continues to grow, moderate consumption growth may continue in the second half of this year.

Federal Reserve Board Governor Waller: Regarding monthly personal consumption expenditure inflation, we need to see more evidence that this situation will continue.

Federal Reserve Board Governor Waller: Recent inflation data makes me more confident that the Fed will achieve its inflation target.

Federal Reserve Board Governor Waller: Will look for data to support this view in the next two months.

Federal Reserve Board Governor Waller: Current data shows that the economy is achieving a "soft landing" and there is not much trade-off even in the unemployment rate.

Federal Reserve Board Governor Waller: The third scenario, but with a lower probability, is that inflation will rebound significantly in the second half of the year.

Federal Reserve Board Governor Waller: The second, more likely scenario is that future uneven inflation data continue to show progress; this will make recent rate cuts more uncertain.

Federal Reserve Board Governor Waller: The optimistic scenario is better inflation data, which may mean a rate cut in the near future.