Powell: Despite increased uncertainty, the economy remains in a strong position

BlockBeats News, on June 24th, Federal Reserve Chairman Powell submitted his semiannual monetary policy report testimony to Congress. Powell pointed out that the Fed remains focused on achieving its dual mandate goals of maximum employment and stable prices to benefit the American people. Despite increased uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment levels. The inflation rate has dropped significantly but remains slightly above the Fed's 2% long-term target. The Fed is mindful of the two-way risks to their dual mandate.