From Yahoo Finance: 2024-07-09 12:00:42

Federal Reserve Chair Jerome Powell updated Congress on interest rate cuts, signaling comfort with recent data but needing more “good data” for confidence. Inflation numbers show modest progress, with core CPI expected to hold at 3.4% in June. Powell warned against rate cuts that could hinder progress on inflation, emphasizing the Fed’s commitment to a balanced approach. Democrats push for rate cuts while Republicans focus on bank capital rules and timing around the election. Powell stressed the Fed’s operational independence and commitment to long-term economic stability amid dual mandates of employment and stable prices.



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