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Federal Reserve Chairman Jerome Powell spoke before the Senate Banking Committee on Tuesday as part of his semiannual address to Congress on monetary policy.
With the Fed remaining on hold, Powell’s comments will be closely watched for hints on what steps will be taken to begin easing. At the Fed’s June meeting, policymakers expressed concern about inflation’s progress and said they still needed to see more evidence that inflation was returning to its 2% target.
In recent speeches, Powell said he and his colleagues “want to be more confident that inflation continues to fall to 2% before we begin to reduce or ease policy.”
Powell will continue his testimony before the House Financial Services Committee on Wednesday. The Humphrey-Hawkins Act of 1978 mandates court appearance.
read more:
Powell says Fed is making progress on inflation but needs more confidence before cutting rates
The Fed says it won’t cut interest rates until “confidence grows” and inflation reaches its 2% target
The Federal Reserve’s key indicator showed that the inflation rate in May increased by 2.6% from the same period last year, in line with expectations
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