Powell testimony to Congress: Latest on US CPI data, interest rates, economy and unemployment
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Chair Jerome H. Powell testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs and presented the Semiannual Monetary Policy Report. The next FOMC meeting takes place on July 30-July 31 while the US CPI data for June arrives on July 11. Powell cautioned that maintaining restrictive policies for an extended period of time may impede economic growth. Inflation has eased notably over the past couple of years but remains above the Committee’s longer-run goal of 2 percent. The unemployment rate was at a low level of 4.1 percent in June. Payroll job gains averaged 222,000 per month in the first half of the year. The stock market is hitting record levels due to expectations of interest rate cuts by the US Federal Reserve. The S&P 500 and Nasdaq Composite closed higher, setting fresh record highs. Powell stated that the Committee will continue to assess incoming data and their implications for the evolving outlook, the balance of risks, and the appropriate path of monetary policy.

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https://www.financialexpress.com/business/investing-abroad-fomc-continues-to-make-decisions-meeting-by-meeting-powell-in-his-testimony-to-congress-3549334/