US Fed chair Powell to speak at Congress today – Check time and where to watch

US Fed Chair Jerome Powell will be speaking at the Congress today. After testifying before The Committee on Banking, Housing, and Urban Affairs on February 11, Powell will testify before the House Financial Services Committee on Wednesday, February 12, 2025, at 10 am in his semi-annual monetary policy testimony to Congress. Testimony by the US Federal Reserve chief is a regular feature and has happened even in the past. Today’s testimony by Powell can be watched at democrats-financialservices.house.gov

In his statement to the Congress yesterday, Powell seemed to be not in any hurry to cut rates. “With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance,” said Powell.

Powell also mentioned that cutting rates too fast could reignite inflation while a longer pause could destabilize the economy. “We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the FOMC will assess incoming data, the evolving outlook, and the balance of risks,” said Powell, indicating that any future rate cuts will be entirely data-dependant.

Powell concluded by saying that the Federal Reserve will do everything it can to achieve the two goals Congress set for monetary policy — maximum employment and stable prices. US Fed, according to Powell, remains committed to supporting maximum employment, bringing inflation sustainably to their 2 percent goal, and keeping longer-term inflation expectations well anchored.

Also Read: US CPI Data releasing today: Will January inflation numbers throw a surprise for the Fed?

The Federal Open Market Committee (FOMC) has reduced the policy rate by a full percentage point since September, maintaining the target range of 5-1/4 to 5-1/2 percent for 14 months.

In January, the FOMC kept the rates unchanged. Inflation fears are resurfacing amid Trump’s tariffs, while Powell’s rate cuts were likely halted due to a robust job market and potential inflation increase.

Also Read: Trump’s tariff moves and economic data could rock the global markets this week

US CPI data for January releases today and https://www.financialexpress.com/business/investing-abroad-trumps-tariffs-and-us-cpi-data-to-impact-global-markets-this-week-3744711/any stickiness will not find favour with the US Fed. Markets, currently, expect only two rate cuts in 2025 starting sometime in the second half of 2025.

There may not be any big impact on the equity market from Powell’s testimony unless he takes into account the January CPI numbers which will be released about 2-hours before his testimony. Powell’s Congress statements may have a minimal impact on gold prices, but US CPI data could have a significant impact. Keep a watch on them.