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Federal Reserve Chairman Jerome Powell speaks to the Senate Banking Committee on Tuesday as part of his biannual address to Congress on monetary policy.
With the Fed still cautious on interest rates, Powell’s comments will be closely scrutinized for clues about what it will take to start easing. At the Fed’s June meeting, policymakers expressed doubts about progress on inflation, saying they still need more evidence that it returns to the 2% target.
In his latest remarks, Powell said he and his colleagues want to be “more confident that inflation will fall sustainably to 2% before we begin the process of reducing or easing policy.”
Powell will continue his testimony before the House Financial Services Committee on Wednesday. The action is mandated by the Humphrey-Hawkins Act of 1978.
read more:
Powell says the Fed has made progress on inflation but needs more confidence before cutting back
Fed says it’s not ready to cut rates until inflation moves towards 2% target with ‘more confidence’
The Fed’s key measure shows inflation rose 2.6% in May from a year ago, as expected