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Federal Reserve Chairman Jerome Powell will address the House Financial Services Committee on Wednesday, the first of two days on Capitol Hill, where he will testify on monetary policy. Meetings are held twice a year.
In prepared remarks, Powell reiterated that Fed officials expect to raise interest rates several times this year to address what he said is still too high inflation.
“Inflation has moderated since the middle of last year,” he said. “Nevertheless, inflationary pressures remain high, and there is still a long way to go before inflation falls back to 2 percent.”
The Fed has raised interest rates 10 times since March 2022, but inflation remains well above the central bank’s 2% target.
In addition to his comments on monetary policy, Powell noted that officials have recognized the need for prudent fiscal and regulatory control over a banking sector that experienced turmoil earlier this year.
Powell is due to speak before the Senate Banking Committee on Thursday.
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