Jerome Powell, the chair of the Federal Reserve, will testify before Congress this week amidst signs of slowing inflation and a softening economy.
What Happened: With the economy showing signs of slowing growth and employment, Powell is expected to inform lawmakers that the Federal Reserve officials require more evidence of this slowdown before considering a cut in interest rates.
The consumer price index data for June, set to be released on Thursday, could provide further evidence supporting this stance. However, this data will be released after Powell’s two-day Congressional testimony, which begins on Tuesday with the Senate Banking Committee and continues on Wednesday with a House panel, reported Bloomberg.
Recent statistics have shown the highest unemployment rate since late 2021, and other data indicates weaker economic growth. Consequently, Powell is likely to face tough…
