Federal Reserve Chair Jerome Powell painted a very clear picture of what needs to happen before the central bank lowers rates during the second day of testimony in front of Congress. What To Know: Powell kicked off his semiannual testimony before the Senate Banking Committee on Tuesday. He began his second day of testimony in front of the House Financial Services Committee...

WASHINGTON (Reuters) - U.S. wholesale inventories increased solidly in May, likely putting inventory investment on track to support economic growth in the second quarter. The Commerce Department's Census Bureau said on Wednesday that wholesale inventories rose 0.6% as previously estimated last month. Stocks at wholesalers rose 0.2% in April. Economists polled by Reuters had expected that inventories, a key part...

WASHINGTON (Reuters) - The Federal Reserve has quite a ways to go in trimming the size of its balance sheet with the endpoint of quantitative tightening still uncertain, Fed Chair Jerome Powell told the House Financial Services Committee on Wednesday. The Fed has trimmed the size of its holding by about $1.7 trillion dollars already, Powell said, but will edge...

12:41 PM EDT, 07/10/2024 (MT Newswires) -- The Federal Reserve has ways to go on reducing its balance sheet, Chair Jerome Powell told the House Financial Services Committee Wednesday. The run off in the portfolio is now, I think, $1.7 trillion so far. So we've made quite a lot of progress, Powell said. We think we have a good ways...