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Federal Reserve Chairman Jerome Powell returned to Capitol Hill Thursday, presenting the Senate Banking Committee for the second day of his congressionally mandated testimony on the state of the economy and monetary policy.
In an appearance Wednesday before the House Financial Services Committee, the central bank chief confirmed that he expects interest rate cuts later this year but did not specify when. Instead, he said policy moves will depend on incoming data, and there is not enough evidence yet that inflation is heading back toward the Fed's 2% target.
Along with an overview of the findings, he faced questions from panelists that focused largely on the appropriate calibration of monetary policy, as well as his views on proposed bank capital rules known as the Basel III endgame.
The testimony is Powell's last scheduled public appearance before the Fed's next meeting on March 19-20.
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Powell is reinforcing his position that the Fed is not ready to start cutting interest rates
The Fed's main measure of inflation rose 0.4% in January as expected, up 2.8% from a year ago.
Waller wants the Fed to have more evidence that inflation is cooling before cutting interest rates
