Watch Live: Fed Chair Powell Testifies Before The Senate

Watch live here (due to start at 0930ET):

Powell’s prepared remarks: (emphasis ours)

Chairman Brown, Ranking Member Toomey, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report.

I will begin with one overarching message. At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so. We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses. It is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all.

I will review the current economic situation before turning to monetary policy.

Current Economic Situation and Outlook

Inflation remains well above our longer-run goal of 2 percent. Over the 12 months ending in April,

Keep reading this article on Zero Hedge - Blog.

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