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Federal Reserve Chair Jerome Powell speaks Tuesday to the Senate Banking Committee as part of his semiannual address to Congress on monetary policy.
With the Fed still on hold regarding interest rates, Powell’s remarks will be scrutinized closely for hints about what it will take to start easing. At the Fed’s June meeting, policymakers expressed misgivings about the progress on inflation, saying they still need to see more evidence that it’s heading back to the 2% target.
In his most recent remarks, Powell said 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 continue his testimony Wednesday before the House Financial Services Committee. The appearance is mandated by the Humphrey-Hawkins Act of 1978.
Read more:
Powell says Fed has made progress on inflation but needs more confidence before cutting
Fed says it’s not ready to cut rates until ‘greater confidence’ inflation is moving to 2% goal
Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
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