But he reassured lawmakers that the Fed’s policy moves will continue to evolve as inflation approaches the central bank’s target. Powell said “inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” suggesting additional action from the Fed in the form of more rate hikes or at the very least holding rates steady. And on Wednesday, Powell told lawmakers it was a “pretty good guess” that the central bank would hike rates twice more this year. Just days after the decision, two Fed officials called for more increases, citing persistent inflationary pressures. The Fed held its key lending rate steady at a range of 5-5.25% in its latest meeting, but most officials hinted that two more quarter-point rate hikes might be necessary this year, according to the Fed’s latest set of economic forecasts. Here are some takeaways from Powell’s testimony to House lawmakers. Powell doubled down on the hawkish view that the Fed isn’t done battling inflation. Meanwhile, questions from Republicans illustrated their concerns over forthcoming banking regulation. A few things that became clear: The Fed isn’t done fighting inflation, the focus of new banking regulation will likely be on the biggest banks and the central bank remains attuned to its employment mandate.ĭemocrats repeatedly emphasized to Powell the Fed’s mandate to achieve full employment, underscoring their fears of job losses if the central bank overdoes it. Powell’s testimony came just one week after the central bank paused its most aggressive rate-hiking campaign in decades. He is set to appear before the Senate Banking Committee on Thursday. By posting to /r/Twitch, you accept these rules and accept that subreddit moderators reserve the right to remove posts at their discretion.Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee on Wednesday as part of his semiannual report to both chambers of Congress.No Memes, Set up, or Art post submissions.Ensure there isn't a megathread for your topic.Don’t post in a language other than English.Don’t post a link post (has exceptions).Don’t post without an informative title.Don’t create a post that’s unrelated to Twitch.Don’t post inquiring on a pending, late, or missing payment.Don’t post inquiring on a partnership application.Don’t post regarding twitch support responses.Don’t post regarding reporting an account.
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