Labor market is back in balance, more inflation data needed before rate cuts: Powell

FILE - A shopper peruses the refrigerated cheese offerings in a Target store Oct. 4, 2023, in Shridan, Colo. WASHINGTON — Federal Reserve Chair Jerome Powell was on Capitol Hill Tuesday to brief senators on the state of the central bank's fight against inflation, which investors and economists hope is coming to an end as high interest rates threaten to stifle business growth.

As Powell was testifying, elsewhere on Capitol Hill, members of the Senate Committee on Health, Education, Labor and Pensions heard from a Pennsylvania mother of eleven and a small business owner about how rising prices have impacted them.

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Powell speech: Unexpected weakness in labor market could call for a responseFederal Reserve Chairman Jerome Powell explains the decision to leave the policy rate, federal funds rate, unchanged at the range of 5.25%-5.5% and responds to questions in the post-meeting press conference.
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Powell flags cooling labor market as emerging risk as Fed moves closer to cutsPowell flags cooling labor market as emerging risk as Fed moves closer to cuts
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Powell speech: Labor market has cooled considerablyJerome Powell, Chairman of the US Federal Reserve (Fed), delivers the Semi-Annual Monetary Policy Report and responds to questions before the Senate Banking Committee on the first day of his Congressional testimony.
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