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Federal Reserve Chair Jerome Powell is set to testify on Capitol Hill before the U.S. House Financial Services Committee on Wednesday.
The appearance comes after Powell appeared before the Senate Committee on Banking, Housing and Urban Affairs on Tuesday. There, Powell said U.S. economic growth is still solid but acknowledged that the central bank now sees the economy as having the two-sided risk of rising unemployment at the same time as inflation is still above its 2% target.
“Reducing policy restraint too late or too little could unduly weaken economic activity and employment,” Powell said Tuesday, referring to the risk that keeping interest rates high can damage the economy, too.
Investors will be listening to hear if Powell gives any hints about when the Fed might begin to cut rates. The central bank has a meeting later this month, though traders see a cut in July as unlikely.
Representatives could also ask about the Fed’s oversight of banks, including the potential risks of commercial real estate to regional lenders.
Source: Finance - cnbc.com
