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Federal Reserve Chairman Jerome Powell returned to Capitol Hill on Thursday to provide a second day of congressionally mandated testimony on economic conditions and monetary policy to the Senate Banking Committee.
The central banker reiterated during an appearance before the House Financial Services Committee on Wednesday that he expects a rate cut later this year but did not specify when. Instead, he said policy measures will depend on incoming data and that there is not yet enough evidence that inflation will return to the Fed’s 2% target.
In addition to the hot overview, he also faced questions from committee members, mainly focusing on the proper calibration of monetary policy and his views on proposed bank capital rules, known as the Basel III endgame.
This testimony is Powell’s last public appearance before the next Fed meeting on March 19-20.
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