From CNBC: 2024-07-09 09:59:01

Federal Reserve Chair Jerome Powell is set to speak to the Senate Banking Committee on Tuesday about monetary policy. With interest rates still on hold, Powell’s remarks will be closely watched for clues on when easing might begin. Inflation progress is a key concern for policymakers still needing more evidence to meet the 2% target.

Powell mentioned the need for more confidence in inflation sustainably moving toward 2% before policy can be loosened. He will also testify before the House Financial Services Committee as required by the Humphrey-Hawkins Act of 1978. Key Fed measure shows inflation rise of 2.6% in May from a year ago.

For more details, visit the links:
– [Powell says Fed has made progress on inflation but needs more confidence](https://www.cnbc.com/2024/07/02/powell-says-fed-has-made-quite-a-bit-of-progress-on-inflation-but-needs-more-confidence-before-cutting.html)
– [Fed says it’s not ready to cut rates until ‘greater confidence’ inflation is moving to 2% goal](https://www.cnbc.com/2024/07/03/fed-minutes-fomc-not-ready-to-cut-rates-until-greater-confidence-inflation-is-moving-to-2percent-goal.html)
– [Key Fed measure shows inflation rose 2.6% in May from a year ago](https://www.cnbc.com/2024/06/28/may-pce-inflation-report)

Read more: Watch Fed Chair Jerome Powell testify live before Senate banking panel