Today’s hearing will likely take stock of whether recent signs of slowed inflation and a slowing U.S. job market will prompt the central bank to accelerate its plans to cut interest rates
Federal Reserve Chair Jerome Powell on Tuesday testifies before the Senate Banking Committee in a hearing likely to take stock of whether recent signs of slowed inflation and a slowing U.S. job market will prompt the central bank to accelerate its plans to cut interest rates.
The jobless rate already has been creeping higher, rising to 4.1 per cent as of June from 3.4 per cent in April of 2023, a number that matched a 55-year low. “We understand that if the labor market softens too much perhaps we lose the expansion,” Powell said at an economic conference in Portugal sponsored by the European Central Bank.
The Fed next meets on July 30-31, and since the June meeting investors have increased bets the Fed will cut rates in September.
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