Fed Chair Jerome Powell Testifies Before Congress. Powell testimony key takeaways:

- Policy is well-positioned to deal with risks, uncertainties;

- We can maintain policy restraint for longer if economy remains strong and inflation does not move toward 2%;

- We can ease policy if labor market unexpectedly weakens or inflation falls more quickly than expected;

- The US is economy strong overall; inflation is closer to 2% goal but still somewhat elevated;

- Fed's framework review will not include a focus on inflation target, which will remain 2%;

- Fed will wrap up framework review by late summer.

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