US economy no longer overheated, Fed’s Powell tells Congress

Federal Reserve Chair Jerome Powell addressed Congress, noting that the U.S. economy has cooled from its pandemic-induced highs, resembling pre-crisis conditions.

Powell highlighted a balanced job market but acknowledged dual risks, shifting away from singular focus on inflation.

He emphasized data-driven decisions on interest rates, avoiding precise timing signals, Reuters has reported.

read more: https://www.reuters.com/markets/us/feds-powell-before-congress-could-show-developing-case-rate-cut-2024-07-09/

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