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Federal Reserve Chairman Jerome Powell appears Wednesday before the House Financial Services Committee as part of his congressionally mandated semiannual testimony on Capitol Hill.
In prepared remarks, the central bank leader indicated that interest rate cuts are likely this year but not until the Fed gains more confidence that inflation is headed back to its 2% annual goal.
“We believe that our policy rate is likely at its peak for this tightening cycle. If the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year,” Powell said.
Powell is likely to face a variety of questions during his two-day visit to Capitol Hill, which concludes Thursday before the Senate Banking Committee.
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