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Today, Federal Reserve Chairman Jerome Powell will address the House Financial Services Committee as part of his two-day testimony on monetary policy on Capitol Hill. These sessions are held biannually.
In his prepared remarks, Powell emphasized that the Fed officials are anticipating multiple interest rate hikes this year. These hikes aim to combat persistently high inflation levels.
He stated, “Although inflation has somewhat moderated since last year, it remains at alarming levels. Achieving the target inflation rate of 2% still requires substantial efforts.”
Despite the Federal Reserve raising rates 10 times since March 2022, inflation continues to exceed the central bank’s 2% target.
Besides discussing monetary policy, Powell acknowledged the importance of prudent fiscal and regulatory measures to stabilize a banking sector that faced significant turmoil earlier this year.
Powell is also scheduled to speak before the Senate Banking Committee on Thursday.
Read more:
- Fed holds off on rate hike, but announces two more are forthcoming later this year
- Inflation rose at a 4% annual rate in May, the lowest in 2 years
- Former Fed Chair Ben Bernanke highlights the need for additional efforts to control inflation
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