Jerome PowellTreasuries gained for the first time in five sessions after Federal Reserve Chair Jerome Powell reiterated his view that policymakers face a “challenging situation” in balancing risks to inflation and the labor market. The market had been under pressure since Powell last week suggested policymakers would take a cautious approach to further rate cuts. Powell “reiterated most of his comments from his FOMC press conference,” said Paresh Upadhyaya, Pioneer Investments director of Fixed Income and Currency Strategy. In the aftermath of last week’s policy meeting, some have targeted fewer rate cuts than currently priced in the market. Last week, the FOMC reduced the policy rate to a range of 4% to 4.25% in its first cut of the year.