Watch Jerome Powell testify to Congress on the economy and how the Fed plans to fight inflation

Finance

[This stream is set to start at 9:30 a.m. ET.]

Federal Reserve Chair Jerome Powell on Thursday concluded two days of testimony in front of Congress, speaking in front of House members.

In remarks for the Senate Banking Committee a day prior, Powell said the Fed understands the “the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so.”

Powell also said that economic conditions are generally favorable, pointing to a strong labor market and high demand.

Powell’s testimony comes after the Fed hiked rates by 75 basis points, or 0.75 percentage point, earlier this month. That marks the Fed’s biggest rate hike since 1994.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Articles You May Like

Costco and Sam’s Club’s smaller rival BJ’s Wholesale will open more clubs in Southeast
The wealth of the 1% just hit a record $44 trillion
NBC’s Paris Olympics opening ceremony will play on IMAX screens
Boeing CEO Dave Calhoun to step down; board chair and commercial airplane head replaced in wake of 737 Max crisis
Nelson Peltz withholds votes from Disney CEO Bob Iger in proxy battle

Leave a Reply

Your email address will not be published. Required fields are marked *