by Calculated Risk on 6/22/2022 09:33:00 AM
This testimony will be live here at 9:30 AM ET.
From Fed Chair Powell: Semiannual Monetary Policy Report to the Congress. An excerpt on inflation:
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.
Over coming months, we will be looking for compelling evidence that inflation is moving down, consistent with inflation returning to 2 percent. We anticipate that ongoing rate increases will be appropriate; the