WATCH LIVE: Fed Chair Jerome Powell Testifies on Capitol Hill
Powell says:"Labor market conditions have cooled considerably compared to where they were two years ago" and appear to be back in balance. He adds that this is no longer an overheated economy.
As markets await his remarks, investors and analysts are keen to decipher any signals about the direction of interest rates and the Fed's approach to managing inflation and economic growth. Investors are particularly focused on Powell's stance regarding future rate cuts. Data recently showed a sharp rise in expectations for a September rate cut by the Fed, although some believe the first rate cut will arrive in December."Last week's FOMC Minutes already displayed a shift in the Fed's tone, toward caring more about the loosening labor market and softening activity indicator," they wrote.
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