Reported about 1 year ago
Federal Reserve Chair Jerome Powell reaffirmed the Fed's commitment to data-driven decision making in his semi-annual monetary policy address before the Senate. He emphasized the importance of evidence showing inflation moving towards the 2% target before considering policy shifts. The analysis by Wealth! host Brad Smith and anchor Seana Smith delves into Powell's testimony, highlighting discussions on rate cuts, housing market weaknesses, and inflation risks. Powell acknowledged challenges in the housing market, such as low supply and high mortgage rates, stating that the Fed's focus is on controlling inflation to stabilize rates, while increasing housing supply remains in legislatures' hands. The ongoing housing market pressures and inflation rates were key points of concern during the Senate testimony.
Source: YAHOO