As the November elections loom closer, the U.S. economy is a primary concern for many Americans. This week, two key figures in the nation’s financial landscape, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen, shared their perspectives on the country’s economic situation.
Federal Reserve Chair Jerome Powell delivered his semi-annual economic report to the Senate Banking Committee, where he emphasized signs that the economy is doing well, despite the latest concerns about jobs. “Recent indicators suggest the economy continues to expand at a solid pace,” Powell said.
Powell highlighted that the measures taken by the Federal Reserve have made “considerable progress” in addressing the worst inflation spike in 40 years. “Inflation has eased notably in the past two years, though it remains above the goal of 2%,” he noted.
But Powell acknowledged that high inflation and a cooling labor market remain key concerns nationwide. The government recently reported that hiring remained solid in June, although the unemployment rate rose for the third consecutive month to 4.1%.
Sen. Tim Scott (R-SC) expressed concern over the impact of inflation on American families. “Everyday families are struggling to put food on the table, real wage growth is being eaten away by rising prices and runaway
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