Jerome Powell, Chairman of the Federal Reserve System (Fed), presents the Semi Annual Monetary Policy Report and responds to questions before the Senate Banking, House and Urban Affairs Committee.

Key takeaways

"One reason labor demand and supply is getting into better balance is the strong rebound in immigration."

"There may be a bit more tightening in the pipeline from banking stress than there would be otherwise."

"We are close to where the destination is on rates."

"It makes sense to move at a careful pace."

"We don't want to overdo it."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."