From CNBC:

Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee about interest rate cuts likely this year. Powell indicated that the Fed won’t cut rates until inflation hits 2%. He mentioned that the policy rate is at its peak for this tightening cycle. Powell also faced questions before the Senate Banking Committee.

In his prepared remarks, Powell reinforced that interest rate cuts are coming but only after inflation targets are met. He mentioned that policy restraint will likely be eased this year if the economy follows expectations. Powell concluded a two-day visit to Capitol Hill where he addressed various questions from lawmakers.

For more information on Fed Chair Powell’s testimony and potential interest rate cuts, subscribe to CNBC on YouTube.



Read more: How to watch Fed Chair Jerome Powell live on Capitol Hill