TechFlow news, according to Jinshi News, Federal Reserve Chair Powell delivered his semiannual monetary policy testimony before the Senate Banking Committee. Powell stated that the labor market remains strong but is not overheated. "Inflation is not the only risk we face," he said, adding that "more good data" would bolster confidence in inflation's progress. Inflation has clearly slowed but remains above the 2% target; recent inflation data show "modest" progress toward the 2% goal. Rate cuts would not be appropriate until the Fed gains greater confidence that inflation is sustainably moving toward 2%. The Fed will continue making decisions meeting by meeting.
Following the release of Powell's testimony, the U.S. Dollar Index (DXY) rose over 10 points in the short term, currently at 105.08. EUR/USD declined about 15 points, GBP/USD dropped nearly 20 points, and USD/JPY surged almost 40 points.
