 its first since May. The S&P 500 was up 0.3% while the Nasdaq was higher by 0.4%. The market also continued its rotation into small cap stocks with the Russell 2000 rising 1.8% during Monday's session. Federal Reserve Chair Jerome Powell said Monday that the central bank will not wait until inflation hits its 2% target to cut interest rates. Speaking at the Economic Club of Washington DC, Powell referenced the idea that central bank policy works with long and variable lags to explain why the Fed wouldn't wait