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Stocks have stuttered and the dollar is circling a three-week high this morning while investors reassess their expectations for the pace of Federal Reserve interest rate cuts.  The cautious trading pattern comes with Jay Powell due to offer two days of testimony on monetary policy before Congress, starting on Wednesday. Minutes are also due then from the Fed’s last rate-setting meeting, at which policy was left on hold.  While a rate cut at this month’s policy meeting is expected, hopes for one of 50 basis points looked misplaced after a significantly stronger-than-expected jobs report on Friday. (WSJ)
While Deutsche Bank had once sought to compete with America's big banks on Wall Street, the German lender has been pummeled by scandals, probes and massive fines stemming from the financial crisis and other issues in recent years. The latest overhaul will see Deutsche exit the global equities business and shed 18,000 jobs, booking charges of €7.4B through 2022, while it won't pay a dividend this year or next. The German bank also expects to report a net loss of €2.8B for the second quarter, before it narrows its focus on serving European companies and retail-banking customers. (SA)
In another setback for Boeing, Saudi Arabian budget airline Flyadeal said it will cancel its order for up to 50 737 Max jets, a deal worth $5.9B when it was announced last December. The low-cost carrier will instead buy up to 50 A320neo planes and become an "all-Airbus fleet," marking one of the first tangible signs the 737 Max crisis could shift business to Boeing's European rival. (FT)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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