Powell's testimony: no need to rush interest rate adjustments, 2 per cent inflation still the target

According to Golden Ten, Federal Reserve Chairman Jerome Powell appeared before the Senate Committee on Finance, Housing and Urban Affairs to deliver his semi-annual monetary policy testimony and answer questions from lawmakers. Highlights of Powell's testimony include:

Inflation has moved significantly closer to the 2% long-term target, although it remains slightly higher. Risks under the dual-mission objective are being closely monitored.
Recent data suggest that economic activity continues to expand at a solid pace.
Broad indicators suggest that the labour market is generally in balance and is not putting significant pressure on inflation.
The reduction in the size of securities held by the Federal Reserve will continue.
Monetary policy has become substantially less restrictive and the economy remains strong, so there is no need to adjust the policy stance hastily.
The FOMC will comprehensively assess the latest data, changes in the economic outlook, and the balance of risks. As the economy evolves, the Fed will adjust its policy stance to maximise employment and price stability.