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Federal Reserve Chairman Jerome Powell appears before the House Financial Services Committee on Capitol Hill on Wednesday as part of his congressionally mandated semi-annual testimony.
In prepared remarks, the central bank chief indicated that rate cuts were likely this year, but only after the Fed gains more confidence that inflation will return to its annual 2% target.
“We believe our policy rate has probably peaked in this tightening cycle. If the economy performs broadly as expected, it will likely be appropriate to begin unwinding policy restraint sometime this year,” Powell said.
Powell is likely to face a host of questions during his two-day visit to Capitol Hill, which ends Thursday before the Senate Banking Committee.
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2024-03-06 14:52:03
www.cnbc.com
