Powell: Despite increasing uncertainty, the economy is in a solid position.

On June 24, The Federal Reserve Chairman Jerome Powell submitted his semi-annual monetary policy report testimony to Congress, stating that the Federal Reserve remains focused on achieving its dual mandate of maximum employment and price stability to benefit the American people. Despite increasing uncertainties, the economy is in a robust position. The unemployment rate remains very low, and the labor market is at or near maximum employment levels. The inflation rate has significantly decreased but is still slightly above the Federal Reserve’s long-term target of 2%. The Federal Reserve is attentive to the bidirectional risks of their dual mandate. ( Jin10 )