Fed Chair Powell’s Full Statement to Senate Banking Committee

Federal Reserve Chair Jerome Powell said that “more good data” would strengthen confidence that inflation is moving down toward the US central bank’s 2% target during testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
Sign up for the Economics Daily newsletter to discover what's driving the global economy and what it means for policy makers, businesses, investors and you. bloom.bg/4535pfS
--------
More on Bloomberg Television and Markets

Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: tinyurl.com/ys...
Visit www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more.

Connect with Bloomberg Television on:
X: / bloombergtv
Facebook: / bloombergtelevision
Instagram: / bloombergtv

Connect with Bloomberg Business on:
X: / business
Facebook: / bloombergbusiness
Instagram: / bloombergbusiness
TikTok: www.tiktok.com...
Reddit: / bloomberg
LinkedIn: / bloomberg-news

More from Bloomberg:
Bloomberg Radio: / bloombergradio
Bloomberg Surveillance: / bsurveillance
Bloomberg Politics: / bpolitics
Bloomberg Originals: / bbgoriginals

Watch more on RUclips:
Bloomberg Technology: / @bloombergtechnology
Bloomberg Originals: / @business
Bloomberg Quicktake: / @bloombergquicktake
Bloomberg Espanol: / @bloomberg_espanol
Bloomberg Podcasts: / @bloombergpodcasts

[@MohamedSellamia]

The Fed was late in raising interest rates and is likely to be late in lowering them as well.

[@jasonlai1892]

Is it still logical for Fed to stick to 2% inflation expectation with wages going higher as people getting more educated and technologically savvy compared to their parents, grandparents of more than 2 decades ago ? Can Fed consider 3% instead of stubborningly refusing to cut the rate and kept insisting of waiting for that "perfect" sets of reports, indicators and prepared to hold on as long as it needed. Would Fed listen and discuss with the business leaders and community monthly who knows the actual ground and can offer their valuable inputs and insights?

[@evanmastermind]

We should stick to 2% especially because the CPI is highly inaccurate. Real inflation is much higher.

[@jasonlai1892]

@@evanmastermind Thanks. Noted.

[@joebudi5136]

They keep saying 2% which they never reach.

[@joebudi5136]

​@evanmastermind Exacly . They cut out rent, cell phone, food, gas, electricity, health insurance, car insurance out of their inflation data.

[@jasonlai1892]

@@joebudi5136 After watching Powell 5 minute statement on Fed stance and past few months after their meetings. All I would say is they meant what they say and they will stick to it. I mean limited rate cuts. We will have to place our hope on improved data rather than their change of mind. If November election cant change them, then its tough. Meanwhile its good time to try to accumulate some good stocks during draw back. Once Fed announce 1st rate cut, stocks might fly and we may not be able to buy them at current price. Eg.PLTR.Lately soar to $ 28 from $ 23. I first heard of it early 2023 but I felt "too expensive" around $11 to $13. Btw its hard over my area. Town maintainance services and meals prices are not going to come down even if inflation go back to 2% . A plate of chicken rice used to cost $2 to $2.50 here before covid but now its $4 to $4.50. One lecturerer who runs F&B business on his sideline told us that inflation is good opportunity ie excuse for them to raise prices but high ultilities costs have eat into their profits. For us, we need to find ways to beat the inflation. For me it is planning to rent out a spare room, moving to neighboring country where rental is way cheaper, investing in USA stocks and local governmemt bonds.

[@sachi7257]

It is the asset prices, they are off the roof, the housing price are still high. Especially for new people who want to get into the market.