Fed chair testifies before Senate bank committee on inflation

Federal Reserve Chairman Jerome Powell discussed the Fed's efforts to control inflation before the Senate Banking Committee. Despite some progress, interest rates remain unchanged as the Fed seeks more evidence of inflation control. Powell's testimony suggests potential rate cuts in September. The housing market faces challenges with high mortgage rates and rising home prices. A Redfin report highlights increased median sales prices and mortgage payments. The upcoming consumer price index release may influence the Fed's decision on interest rates.

What did Jerome Powell indicate about the Fed's current stance on interest rates?

• They are ready to lower them immediately.

• They need more progress before reducing them.

• They plan to increase them further.

• They have no plans to change them.

What economic progress did Powell mention in his report?

• The economy has surpassed the Fed's inflation goal.

• The economy has regressed significantly.

• The economy is stagnant with no progress.

• The economy has made progress towards the Fed's 2% inflation goal.

How have rising home prices affected the housing market?

• They have made it easier for buyers.

• They have had no impact on buyers.

• They have decreased the value of homes.

• They have made it difficult for many to buy homes.

What is the median sales price of homes according to the Redfin report?

• $450,000

• $397,954

• $500,000

• $350,000

What upcoming indicator is crucial for the Fed's decision on interest rates?

• The unemployment rate

• The consumer price index

• The stock market index

• The GDP growth rate