Federal Reserve Chairman Jerome H. Powell will appear Tuesday at 10 a.m. before the Senate Committee on Banking, Housing and Urban Affairs for a semiannual report to Congress on the nation’s central bank’s monetary policy.
Interest rates on Fed loans have remained at 5.33% since September – the highest level this century, although far from the Himalayan peaks of more than 19% in the early 1980s.
To combat inflation, Powell guided the Fed’s sharp jump from near-zero interest rates during the COVID-19 pandemic to more than 5% between March 2022 and May 2023.
Speaking at a conference in Portugal hosted by the European Central Bank last week, Powell noted some progress against rising prices. However, the Fed chairman said that with inflation still above the two percent target, the Federal Open Market Committee (FOMC) would not ease interest rates yet.
Watch the live video above.
This story originally appeared on thehill.com read the full story
