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Powell: ‘The best thing we can do for housing is to succeed in getting inflation down to 2%’

As expected, Federal Reserve Chairman Jerome Powell did not set a timeline for lowering interest rates during his semiannual monetary policy report to Congress on Tuesday morning when participants complained about the effects of a tightening monetary policy in the housing market. 

Powell indicated that Fed officials are not there yet, but suggested a better balance of inflation and employment in the U.S. economy. Most monetary policy watchers – about 70% – project a reduction in rates for the Fed meeting in September, according to the CME Fedwatch Tool

Powell said during the congressional details ⇒

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