On the heels of last week's significant interest rate increase, Federal Reserve Chair Jerome Powell appeared before the Senate Banking Committee on Wednesday to deliver his semiannual monetary policy testimony.
Powell began his prepared remarks by highlighting the Fed's strong commitment to bringing inflation back down to the central bank's longer-run goal of 2 percent.
"At the Fed, we understand the hardship high inflation is causing," Powell said. "We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so."
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.