Federal Reserve Chairman Powell: Despite increased uncertainty, the economy is in a stable position

Powell, the chairman of the Federal Reserve, submitted the testimony of the semi annual monetary policy report to the Congress. Powell pointed out that the Federal Reserve is still focused on achieving its dual mission goals, namely, maximizing employment and stabilizing prices to benefit the American people. Despite increased uncertainty, the economy is in a stable position. The unemployment rate remains low, and the labor market is at or near its maximum employment level. The inflation rate has significantly decreased, but it is still slightly higher than the Fed's long-term target of 2%. The Federal Reserve is aware of the bidirectional risks of their dual task.