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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