Fed’s Semi-Annual Report to Congress

On June 21 and 22, Jerome Powell, the Chair of the Federal Reserve, testified before Congress on the Federal Reserve’s semi-annual monetary policy report. Members from both the Republican and Democratic parties directed their attention towards the issue of inflation. Chairman Powell reassured them that the Federal Reserve was actively taking measures to bring inflation down to the previously stated goal of 2%, while also ensuring the stability and reliability of the U.S. financial markets. Both Republicans and Democrats posed questions regarding recent bank failures and the regulatory response of the Federal Reserve. Republicans specifically raised concerns about Vice Chair Barr’s evaluation of bank capital requirements, while Democrats focused on the impact of monetary policy on low-to-moderate income groups, climate policies and diversity within the Fed.

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