LIVE: Fed Chair Powell testifies before House Financial Services Committee — 6/21/23

Fed Chair Powell presents the Semiannual Monetary Policy Report to the House Financial Services Committee.

Federal Reserve Chairman Jerome Powell on Wednesday affirmed that more interest rate increases are likely ahead as inflation is “well above” where it should be.

“Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” he said.

Powell said the labor market is still tight though there are signs that conditions are loosening.

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LIVE: Fed Chair Powell testifies before House Financial Services Committee — June 21, 2023