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Federal Reserve Chairman Jerome Powell is back on Capitol Hill Thursday, offering his second day of congressionally mandated testimony on the state of the economy and monetary policy to the Senate Banking Committee.
In an appearance before the House Financial Services Committee on Wednesday, the central bank chief reiterated that he expects interest rate cuts later this year, but did not give an exact timing. Instead, he said policy actions would depend on incoming data and that there was not yet enough evidence that inflation was heading back toward the Fed’s 2 percent target.
In addition to keeping track of the hits, he was asked questions by committee members, mostly about the proper calibration of monetary policy as well as his views on proposed bank capital rules, the so-called Basel III endgame.
The statement is Powell’s last scheduled public appearance before the Fed’s next meeting on March 19-20.
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2024-03-07 16:22:29
www.cnbc.com
