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Federal Reserve Chair Jerome Powell on Thursday concluded two days of testimony in front of Congress, speaking in front of House members.
In remarks for the Senate Banking Committee a day prior, Powell said the Fed understands the “the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so.”
Powell also said that economic conditions are generally favorable, pointing to a strong labor market and high demand.
Powell’s testimony comes after the Fed hiked rates by 75 basis points, or 0.75 percentage point, earlier this month. That marks the Fed’s biggest rate hike since 1994.
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Read More: Watch Jerome Powell testify to Congress on the economy and how the Fed plans to fight inflation
