Continuing to downplay the risks of inflation, Federal Reserve Chair Jerome Powell's testimony before the House Financial Services Committee on Wednesday seemed to suggest the central bank is not likely to begin tightening monetary policy anytime soon.
Powell told the committee in prepared remarks that "substantial further progress" towards the Fed's goals of maximum employment and price stability is "still a ways off."
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May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.