Federal Reserve Chairman Jerome Powell expressed caution about progress against inflation during a congressional hearing. Powell's testimony came as part of discussions about the Federal Reserve's monetary policy report.
Powell confirmed that the US economy is not at risk of entering into a recession. Powell is scheduled to appear before the Senate Banking Committee on Thursday, to provide more insights into the Fed's approach to monetary policy and banking regulation. The Fed has already raised its key lending rate to its highest level in 23 years, and succeeded in curbing inflation from multi-decade highs towards its long-term target.