Federal Reserve Chair Jerome Powell used his written statement for the first of his two Congressional testimonies to implicitly push back against the two Fed officials who argued for a “live” July meeting. Powell remains comfortable with a policy wait-and-see approach, signaling

Key takeaways from Powell hearing: He confirms the Fed isn't yet ready to "look through" tariff increases given the range of unknowns (size of increases still being determined, magnitude of pass thru, etc.) following a period in which price stability hasn't been fully restored.

Q to Powell: Taylor rules say you should be looking through this. Powell: That's right. Q: So why aren't you cutting rates? Powell: Taylor rules say we're right where we should be. And one of them shows rates should actually be higher.

#WATCH | Fed Chair Powell to Congress: No rush to cut rates! Says inflation still a concern, economy solid, but warns tariffs could weigh on growth. Listen In! #FederalReserve pic.x.com/mChMx2IBtJ