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:
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 pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy. We will make our decisions meeting by meeting, and we will continue to communicate our thinking as clearly as possible. Our overarching focus is using our tools to bring inflation back down to our 2 percent goal and to keep longer-term inflation expectations well anchored.