Jerome Powell, Chairman of the Federal Reserve System (Fed), presents the Semi-Annual Monetary Policy Report and responds to questions before the Senate Banking, House and Urban Affairs Committee.

Key takeaways

"FOMC broadly feels it will be appropriate to raise rates again this year and perhaps two more times."

"We kept rates on hold to give ourselves more time to make decisions."

"A strong majority of the committee feels there is a little further to go with rate hikes."

"It would be perfect, but no guarantee, that labor market can get into better balance without unemployment rising."

"There's a clear need to strengthen supervision and regulation for banks of SVB's size."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."