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Watch Fed Chair Jerome Powell testify stay earlier than Senate banking panel

Jul 9, 2024 | blog

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Federal Reserve Chair Jerome Powell speaks Tuesday to the Senate Banking Committee as a part of his semiannual handle to Congress on financial coverage.

With the Fed nonetheless on maintain relating to rates of interest, Powell’s remarks can be scrutinized intently for hints about what it’s going to take to begin easing. At the Fed’s June assembly, policymakers expressed misgivings concerning the progress on inflation, saying they nonetheless must see extra proof that it is heading again to the two% goal.

In his most up-to-date remarks, Powell stated he and his colleagues “want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy.”

Powell will proceed his testimony Wednesday earlier than the House Financial Services Committee. The look is remitted by the Humphrey-Hawkins Act of 1978.

Read extra:
Powell says Fed has made progress on inflation however wants extra confidence earlier than slicing
Fed says it is not prepared to chop charges till ‘better confidence’ inflation is shifting to 2% objective
Key Fed measure reveals inflation rose 2.6% in May from a yr in the past, as anticipated

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