*FED'S POWELL, IN CONGRESSIONAL TESTIMONY, SAYS INFLATION FIGHT HAS 'LONG WAY TO GO'
WASHINGTON - The Federal Reserve's fight to lower inflation back to its 2% target"has a long way to go," Federal Reserve Chair Jerome Powell said on Wednesday in testimony prepared for delivery to the House Financial Services Committee.
Investors broadly expect increases to resume at the Fed's July meeting, though financial market indicators reflect doubts that the Fed will deliver more increases beyond that meeting. The hearing, the first of two Capitol Hill appearances this week as part of his twice-yearly reports to federal lawmakers, is set to begin at 10 a.m. . Powell will appear before the Senate Banking Committee on Thursday.
"We have been seeing the effects of our policy tightening on demand in the most interest-rate–sensitive sectors of the economy" such as housing, Powell said.
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