12:08 PM EDT, 06/24/2025 (MT Newswires) -- Federal Reserve Chair Jerome Powell reiterated Tuesday that data will drive the Federal Open Market Committee's decisions and declined to lay out a timeframe for the next rate reduction in response to questions by members of the House Financial Services Committee

Recent comments by Fed Vice Chair for Supervision Michelle Bowman and Fed Governor Christopher Waller suggested that the FOMC's next meeting on July 29-30 may result in a rate cut, but Powell was more cautious when asked about those comments.

Powell said that inflation remains contained, and the FOMC "will get to a place where we cut rates sooner rather than later, but I wouldn't point to a particular meeting."

The inflation impact of tariffs may be seen in the price data for June and July, Powell said. The FOMC will assess the June consumer price index on July 15, producer price data on July 16, and import and export price data on July 17 before the next meeting.