"Chair Powell's Testimony: Fed Notes Eased Inflation but Remains Above Target"

Federal Reserve Chair Jerome Powell presented the semiannual Monetary Policy Report to Congress, emphasizing the Fed's commitment to promoting maximum employment and stable prices. While inflation remains above the 2 percent target, it has eased, and the labor market has shown strength. The Fed has maintained a restrictive monetary policy but anticipates dialing back policy restraint this year, contingent on the economic outlook and inflation progress. Powell stressed the importance of carefully assessing data and risks before adjusting the policy rate, with the goal of bringing inflation back to 2 percent and supporting maximum employment.