Federal Reserve Chairman Jerome Powell presented the Fed’s semiannual Monetary Policy Report to the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday and the House Committee on Financial Services on Wednesday.
“My colleagues and I are acutely aware that high inflation is causing significant hardship, and we are strongly committed to returning inflation to our 2% goal,” Powell said in his identical remarks to both the Senate and House committees. He detailed:
“Over the past year, we have taken forceful actions to tighten the stance of monetary policy. We have covered a lot of ground, and the full effects of our tightening so far are yet to be felt. Even so, we have more work to do.”
“The data from January on employment, consumer spending, manufacturing production, and inflation have partly reversed the softening trends that we had seen in the data just a month ago,” Powell continued.
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