Federal Reserve Chair Jerome Powell appeared on Capitol Hill for his semi-annual monetary policy report to Congress.
Powell kicked off the first day before the House Financial Services Committee, facing questions on tariffs, inflation, interest rates, and more.
Here are key takeaways from Powell’s appearance.
Tariffs and a July Rate Cut
Hopes of a rate cut at the July Federal Open Market Committee policy meeting may have been dashed.
The central bank chief told lawmakers that the Federal Reserve will wait until there is more certainty and clarity from the administration’s policy changes.
“Policy changes continue to evolve, and their effects on the economy remain uncertain,” Powell said in his prepared testimony. “For the time being, we are well-positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.”...
