TechFlow reported that according to a report from China News Service in Washington, U.S. Federal Reserve Chairman Powell said at a congressional hearing on the 9th that high inflation is no longer the only risk facing the U.S. economy. Currently, the Federal Reserve is facing high inflation and a "cooling" labor market, and economic growth is also slowing down.
Powell pointed out that the Fed has made "considerable progress" in fighting inflation over the past two years, but has not yet achieved its goal of reducing inflation to 2%. Recent inflation data showed "further progress", but the Fed still needs more "favorable data."
He said that he does not expect to raise interest rates at the next meeting, and will cut interest rates at the "right time" as inflation "cools down." Analysts believe that the Fed may cut interest rates at its September monetary policy meeting. The next Fed monetary policy meeting will be held on July 30-31.
