Powell Testifies Before Congress, Rate Policy in Focus
Aa
Share
Powell testifies before Congress
Fed Chair Powell testifies before Congress on Wednesday and Thursday and lawmakers will likely press him on the Fed’s rate policy. The Fed paused at this month’s meeting but is expected to raise rates at the July meeting. Powell has expressed confidence that he can guide the economy to a soft landing and avoid a recession and large layoffs, even with further rate hikes. Many lawmakers, however, don’t share Powell’s optimism and are deeply concerned that the Fed’s aggressive tightening could cause significant damage to the US economy.
.
USD/CHF Technical
- USD/CHF is testing resistance at 0.8984. Above there is resistance at 0.9065
- 0.8902 and 0.8777 are providing support
