#PowellTestimony #UKInflationShock #AlibabaCEO

Powell testifies before the House Financial Services Committee 

Unemployment Rate in The USA (Source: TRADINGECONOMICS.COM)

What Happened?

Federal Reserve Chair Jerome Powell testified before the House Financial Services Committee, providing his semiannual report to Congress. Following the central bank’s recent pause in its aggressive rate-hiking campaign, Powell emphasized that the Fed is not finished combating inflation. He indicated that the central bank might raise interest rates twice more this year, citing ongoing inflationary pressures.

Why did it happen?

Powell’s testimony reflected the current economic landscape and the Federal Reserve’s stance on key issues. Powell’s hawkish view on inflation and the possibility of further rate hikes underscored the central bank’s commitment to addressing the rising price levels.  Democrats’ emphasis on the employment mandate highlighted their concerns about potential job losses resulting from aggressive rate increases. Republican questions regarding banking regulation were prompted by recent bank failures,...