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Federal Reserve Chairman Jerome Powell appeared before the House Financial Services Committee on Wednesday as part of his semiannual congressionally mandated testimony on Capitol Hill.
In prepared remarks, the central bank leader said interest rates may be cut this year, but not until the Fed is more confident that inflation will return to its 2% annual target.
“We believe our policy rates are likely to peak during this tightening cycle,” Powell said. “If the economy develops broadly as expected, it may be appropriate to begin easing policy restrictions at some point this year.”
Powell is likely to face a variety of questions during his two-day visit to Capitol Hill, which ends Thursday before the Senate Banking Committee.
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