Fed Chair Powell Stresses No Rush to Further Lower Interest Rates

Federal Reserve Chairman Jerome Powell is scheduled to testify before the Senate Banking Committee and House Financial Services Committee this week on monetary policy and economic developments, as announced by the Board of Governors of the Federal Reserve System. In January, the U.S. economy added 143,000 jobs, leaving around 6.8 million people still unemployed, while the unemployment rate remains at 4%, as per the Bureau of Labor Statistics. Powell mentioned that monetary policy is currently well-positioned, with the federal funds rate target ranging from 4.25% to 4.5%, aiming to address risks related to employment and price stability. Democratic Senator Elizabeth Warren is expected to question Powell specifically on the Fed's bank supervision responsibilities and the Basel III Endgame rule-making process during these hearings.