On Thursday, after the House session, where the banking regulation was the primary focus of the Republican majority, there will be a hearing before the Senate Banking Committee.
A high Federal policy rate raises interest rates for home mortgages, credit cards, and small company loans, which could explain why Biden is not well-liked by politicians who are sick of inflation, even though tough monetary medicine reduces inflation.
There aren't many pieces of data that show what might happen next. Reports of unanticipated economic strength.
Like January's outsized addition of more than 350,000 jobs, or inflation stuck in important ways, such still-rising shelter prices, have rounded out the "soft-landing" narrative.
Powell expressed his hope by stating that a "soft-landing" was still in the process of being accomplished, despite the fact that he would not use the term.
Recent data has done little to clarify what may happen next. Reports bolstering the "soft-landing" narrative, such as encouraging figures on services prices on Tuesday.
But Powell remained optimistic, saying that the elements of a "soft-landing" were still taking shape even though he would not label it as such.
"We expect inflation to come down, the economy to keep growing," Powell said. "If that's the case, it will be appropriate for interest rates to come down significantly over the coming years."
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