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Watch Fed Chairman Powell testify live before the House finance panel
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Chairman of the Federal Reserve Jerome Powell is scheduled to testify on Capitol Hill before the U.S. House Financial Services Committee on Wednesday.
The appearance comes after Powell appeared before the Senate Committee on Banking, Housing and Urban Affairs on Tuesday. There, Powell said U.S. economic growth is still solid but acknowledged that the central bank now sees the economy as facing the dual risk of rising unemployment while inflation is still above its 2% target.
“Reducing political restraint too late or too little could unduly weaken economic activity and employment,” Powell said Tuesday, referring to the risk that keeping interest rates high could also hurt the economy.
Investors will be listening closely to hear if Powell gives any hints about when the Fed might start cutting rates. The central bank has a meeting later this month, though traders see a July cut as unlikely.
Representatives may also ask about the Fed’s supervision of banks, including potential risks from the commercial real estate market to regional lenders.