Chairman Hill, Ranking Member Waters, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve's semiannual Monetary Policy Report. The Federal Reserve remains squarely focused on achieving our dual-mandate goals of maximum employment and stable prices for the benefit of the American people. Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has come down a great deal but has been running somewhat above our 2 percent longer-run objective. We are attentive to the ... (full story)

Federal Reserve Chair Jerome Powell on Tuesday emphasized the central bank’s commitment to keeping inflation in check, saying he expects policymakers to stay on hold until they have a better handle on the impact tariffs will have on prices. In remarks to be delivered to two congressional committees this week, Powell characterized economic growth as strong and the labor market to be around full employment. However, he noted that inflation is still above the Fed’s 2% target, with the impact that President Donald Trump’s tariffs will have still unclear. “Policy changes continue to evolve, and their effects on the ... (full story)