POWELL SPEECH: RATE CUTS WILL DEPEND ON PATH OF ECONOMY

Federal Reserve Chairman Jerome Powell testifies before the House Financial Services Committee.

Key takeaways

"Rate cuts will depend on path of the economy."

"Incoming data will determine when rate cuts begin."

"We would like to have more confidence on inflation; we have some confidence but want more."

"Let's see a little bit more data so we can become confident."

"Strength of economy and labor market means we can approach that carefully, thoughtfully."