The key points of Powell’s speech tonight will be revealed in advance! (one)
What are the highlights of Powell's congressional testimony? How does the market interpret it?
A few key points:
1. Inflation pressure continues to remain high, and there is still a long way to go to reduce inflation to 2%.
2. Nearly all (officials) expect that further increases in interest rates will be appropriate by the end of the year.
3. Slowing economic growth and some moderation in the labor market may be needed to reduce inflation.
4. The economy is facing headwinds from tighter credit to households and businesses, which could weigh on activity, hiring and inflation, although the extent of the impact remains uncertain.
Powell will appear before the House Financial Services Committee tonight at 10 p.m. and then the Senate Banking Committee on Thursday. "Inflation" was the focus of his speech.
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