Home Investing Here’s everything Fed Chair Powell told the Congress on Wednesday

Here’s everything Fed Chair Powell told the Congress on Wednesday

by

Here’s everything Fed Chair Powell told the Congress on Wednesday

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

By:

Wajeeh Khan

on
Jun 22, 2022

Chairman of the U.S. Federal Reserve testified before Congress on Wednesday.

A brief recap of everything Jerome Powell told the Congress this morning.

The benchmark S&P 500 index closed roughly flat at 3,760 on Wednesday.

Jerome Powell – the Chairman of the U.S. Federal Reserve testified before Congress on the battle against inflation and state of the economy on Wednesday. Here’s everything he told the Senate Banking Committee.

A brief recap of Powell’s remarks

It’s not at all too late for us to bring inflation back downLikelihood of a recession is not particularly elevatedWe want to get the housing market back on a more sustainable pathComposition of U.S. inflation is different from other major economiesUkraine is not the primary driver of inflation in the United StatesLow confidence readings are directly related to high inflationWe want wages to be moving up at the highest sustainable rate

The benchmark S&P 500 index closed roughly flat on Wednesday.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Fed is strongly committed to address inflation

Power is testifying to the Congress a week after he raised interest rates by 75 basis points (biggest hike since 1994) to tame inflation. He reiterated to Congress on Wednesday that the Fed is “strongly committed” to addressing higher prices.

The market has been reading our reaction function reasonably well. And what you’ll see is continued expeditious progress toward higher rates. The Committee wrote down last week that rates would be between 3.0% and 3.5% by the end of 2022.

Last week, Chairman Jay Powell also said that another 75 bps increase in the next policy meeting remains on the cards.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,
Capital.com

9.3/10

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Visit site

Economic


Industries


Macroeconomic


North America


Stocks & Shares


USA


World


You may also like