Jerome Powell, Chairman of the Federal Reserve System (Fed), presents the Semi-Annual Monetary Policy Report and responds to questions before the Senate Banking, House and Urban Affairs Committee.
Key takeaways
"We expect the labor market to continue to gradually cool."
"We also expect inflation to move down this year."
"Strong majority of committee believes two more rate hikes before end of year."
"Decision last week was to move more slowly."
"We will do what it takes to get inflation down to 2% over time."
"Staff has been briefing governors on capital proposal, but still there are changes, even this morning."
"We will wait for final version to really go through and evaluate the proposals."
About Jerome Powell (via Federalreserve.gov)
"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028
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