{"id":25378,"date":"2023-06-21T06:11:31","date_gmt":"2023-06-21T10:11:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/jerome-powells-testimony-to-congress-what-to-watch-in-his-speech-today\/"},"modified":"2023-06-21T06:11:32","modified_gmt":"2023-06-21T10:11:32","slug":"jerome-powells-testimony-to-congress-what-to-watch-in-his-speech-today","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25378","title":{"rendered":"Jerome Powell’s Testimony to Congress: What to Watch in His Speech Today"},"content":{"rendered":"
\n

Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like in the months ahead.\u00a0<\/p>\n

Just one week after the central bank opted to skip a rate hike with inflation still well above its 2% target, Federal Reserve Chairman Jerome Powell is set to appear before the House Financial Services Committee Wednesday and the Senate Banking Committee Thursday as part of a mandated semi-annual report on monetary policy.\u00a0<\/p>\n

\n

Although the move to hold the benchmark interest rate steady in June was widely expected, investors were surprised when the Federal Open Market Committee telegraphed it was considering not one, but two more rate hikes this year following one of the swiftest hiking campaigns in history.\u00a0<\/p>\n

Expect lawmakers to focus on why officials opted to drag additional tightening\u00a0out by holding in June. Additionally, members of Congress will likely question what metrics Fed officials will use to determine the effectiveness of their previous 10 straight rate hikes.\u00a0<\/p>\n

Following the June meeting, the latest median forecast shows officials now see the federal-funds rate hitting 5.6% by the end of the year, up from an expected 5.1% in March, according to the Fed\u2019s updated Summary of Economic Projections. This implies the Fed could implement two more quarter-point boosts from the current level of 5% to 5.25%.<\/p>\n

\u201cNearly all committee participants view it as likely that some further rate increases will be likely this year,\u201d Powell said during the June 14 press conference.\u00a0<\/p>\n

Several Fed officials portrayed skipping a rate increase as a prudent move that would provide the central bank an opportunity to assess how the tightened monetary policy was affecting the overall economy. Powell echoed that characterization last week, but noted more progress on reining in inflation is needed.\u00a0<\/p>\n

\u201cIf you look at the core PCE inflation overall, looking at it over the last six months, you\u2019re just not seeing a lot of progress,\u201d Powell said. PCE, the Fed\u2019s preferred inflation gauge, is an index of personal-consumption expenditures that showed annual headline inflation hit 4.4% in April. Core PCE, which excludes food and energy prices, climbed 4.7% on an annual basis in April. The other major inflation measure, the consumer price index, recorded price growth slowing to a 4% annual pace in May.\u00a0<\/p>\n

\u201cWe want to see it [inflation] moving down decisively. We\u2019re going to get inflation down to 2% over time. We want to do that with the minimum damage we can to the economy, of course, but we have to get inflation at 2%,\u201d Powell added.\u00a0<\/p>\n

That\u2019s why Fed officials opted for both a higher rate by the end of this year, and a moderation in the pace with which the central bank is moving, Powell noted. <\/p>\n

Whether members of Congress agree that was the right call will be on display this week.\u00a0Powell\u2019s testimony to the House starts at 10 a.m. Eastern Wednesday. <\/p>\n

Write to Megan Leonhardt at megan.leonhardt@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like in the months ahead.\u00a0 Just one week after the central bank opted to skip a rate hike with inflation still well above its 2% target, Federal Reserve Chairman Jerome Powell […]<\/p>\n","protected":false},"author":1,"featured_media":25379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-25378","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nJerome Powell's Testimony to Congress: What to Watch in His Speech Today | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25378\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jerome Powell's Testimony to Congress: What to Watch in His Speech Today | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=25378\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-21T10:11:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-21T10:11:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1687342291_social.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=25378#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=25378\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Jerome Powell’s Testimony to Congress: What to Watch in His Speech Today\",\"datePublished\":\"2023-06-21T10:11:31+00:00\",\"dateModified\":\"2023-06-21T10:11:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=25378\"},\"wordCount\":509,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=25378#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=25378\",\"url\":\"https:\/\/ifintechworld.com\/?p=25378\",\"name\":\"Jerome Powell's Testimony to Congress: What to Watch in His Speech Today | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-06-21T10:11:31+00:00\",\"dateModified\":\"2023-06-21T10:11:32+00:00\",\"description\":\"Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=25378#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=25378\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=25378#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Jerome Powell’s Testimony to Congress: What to Watch in His Speech Today\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Jerome Powell's Testimony to Congress: What to Watch in His Speech Today | iFintechWorld","description":"Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=25378","og_locale":"en_US","og_type":"article","og_title":"Jerome Powell's Testimony to Congress: What to Watch in His Speech Today | iFintechWorld","og_description":"Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like","og_url":"https:\/\/ifintechworld.com\/?p=25378","og_site_name":"iFintechWorld","article_published_time":"2023-06-21T10:11:31+00:00","article_modified_time":"2023-06-21T10:11:32+00:00","og_image":[{"width":1280,"height":640,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/1687342291_social.jpeg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=25378#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=25378"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Jerome Powell’s Testimony to Congress: What to Watch in His Speech Today","datePublished":"2023-06-21T10:11:31+00:00","dateModified":"2023-06-21T10:11:32+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=25378"},"wordCount":509,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=25378#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=25378","url":"https:\/\/ifintechworld.com\/?p=25378","name":"Jerome Powell's Testimony to Congress: What to Watch in His Speech Today | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-06-21T10:11:31+00:00","dateModified":"2023-06-21T10:11:32+00:00","description":"Investors and lawmakers will have a chance to get answers this week on what the Federal Reserve\u2019s roadmap for bringing inflation under control looks like","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=25378#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=25378"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=25378#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Jerome Powell’s Testimony to Congress: What to Watch in His Speech Today"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/25378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25378"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/25378\/revisions"}],"predecessor-version":[{"id":25380,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/25378\/revisions\/25380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/25379"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}