Fed Chair Powell’s Semiannual Report to Congress

On March 7 and 8, Fed Chair Jerome Powell testified before the Senate and House of Representatives in the Fed’s Semiannual Monetary Policy Report. In Powell’s remarks, he touched on the high level of inflation and emphasized the Fed’s commitment to bringing it down to its previous 2%. He also noted the Fed’s priority of improving price stability and a willingness to continue to raise interest rates if necessary. Democrats pressed Powell on the debt ceiling and the impact increasing interest rates could have on unemployment while Republicans expressed concern over Fed Vice Chair Barr’s plan to conduct a holistic review of bank capital requirements and the Fed’s involvement in climate policy.

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