🔔 Urgent | Jerome Powell: It's too early to declare victory over inflation
During his testimony today before Congress, Federal Reserve Chairman "Jerome Powell" stated that the central bank remains committed to reducing inflation to the targeted level of 2%.
He explained that the recent data shows a slight improvement, but the road is still long, and a decision on interest rate cuts has not yet been made.
🗣️ Powell:
> "We need to see more evidence of slowing inflation before shifting our monetary policy. A decision to cut rates will require greater confidence in the trajectory of prices."
📉 Markets reacted quickly, as:
The S&P 500 index fell by 0.8%
The US dollar rose against major currencies
10-year bond yields declined slightly
📆 Attention now turns to the upcoming jobs report and statements from Federal Reserve officials over the next week.