Global stock indexes rose on Monday as Federal Reserve policymakers defended last week’s large interest rate cut, while the euro fell against the dollar due to disappointing business activity data from the eurozone.

U.S. Treasury yields climbed as bond investors priced out the likelihood of a near-term recession in the world’s largest economy.

Comments from U.S. policymakers were in focus after the Fed initiated an easing policy with a half-point rate cut last week. Three Fed officials spoke Monday, emphasizing that the cut was designed to sustain the emerging economic balance. Minneapolis Fed President Neel Kashkari called it the “right decision,” while Chicago Fed President Austan Goolsbee projected “many more rate cuts over the next year.” Atlanta Fed President Raphael Bostic added that the U.S. economy is nearing normal inflation and unemployment levels, suggesting the Fed needs to “normalize” monetary policy.

Investors are eager to see whether the 50 basis point cut was a proactive measure rather than a reaction to economic distress. Quincy Krosby, chief global strategist at LPL Financial, said the market is focused on confirming that inflation is indeed easing, which will be reflected in upcoming data releases.

With stock valuations climbing, the importance of economic data releases has grown, Krosby added.