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Federal Reserve Chairman Jerome Powell speaks Wednesday to the House Financial Services Committee in the first of two days on Capitol Hill where he will be testifying on monetary policy. The sessions are held twice each year.
In prepared remarks, Powell reiterated that Fed officials expect multiple additional interest rate increases this year to tackle inflation that he said is still too high.
“Inflation has moderated somewhat since the middle of last year,” he said. “Nonetheless, inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go.”
The Fed has raised rates 10 times since March 2022, but inflation is still well above the central bank’s 2% target.
Along with his comments on monetary policy, Powell noted that officials are attuned to the need for prudent fiscal and regulatory controls over a banking sector that experienced turmoil in the early part of the year.
Powell will speak Thursday before the Senate Banking Committee.
Read more:
Fed holds off on rate hike, but says two more are coming later this year
Inflation rose at a 4% annual rate in May, the lowest in 2 years
Former Fed Chair Ben Bernanke says there’s more work ahead to control inflation
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