US Fed Chairman Powell opens key week of Fedspeak as rate cut case develops

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US Fed Chairman Powell opens key week of Fedspeak as rate cut case develops - Business Standard

Quick Summary:

He has been an important voice in the inflation debate, considered hawkish by temperament but someone who has recently noted from his own research that the job market is at a point where further weakening could lead to a faster rise in the unemployment rate.

In late May Waller said he still wanted to see "several more months of good inflation data" before he would support a rate cut, and on Wednesday he will have the opportunity to say how much progress he feels has been made.

His congressional testimony, however, came before CPI and Producer Price Index reports led economists to estimate that the Personal Consumption Expenditures price index, used by the Fed to set its inflation target, fell below 2.5 per cent in June from 2.6 per cent in May.