Federal Reserve Chair Jerome Powell addressed Congress, noting that the U.S. economy has cooled from its pandemic-induced highs, resembling pre-crisis conditions.

Powell highlighted a balanced job market but acknowledged dual risks, shifting away from singular focus on inflation.

He emphasized data-driven decisions on interest rates, avoiding precise timing signals, Reuters has reported.

With an upcoming presidential election and inflation above target, Powell faced questions on rate cuts’ timing and economic impacts from lawmakers.

Written by B.C. Begley