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 are the implications of the recent housing market trends on consumers?

What is the significance of the consumer price index in relation to the Fed's decisions?