There was nothing particularly surprising within Fed Chair Powell's prepared monetary policy testimony to Congress - which is pretty short in fairness – or the Q&A session. The main comments are that "the risks to achieving our employment and inflation goals have been moving into better balance", with a reiteration that Fed members "believe that our policy rate is likely at its peak for this tightening cycle". If the economy continues to make progress towards the Fed's goals, as expected, then it will probably "be appropriate to begin dialling back policy restraint at some point this year. But the economic ... (full story)