US housing prices are moderating, says Fed chair

But other indicators show need for tighter policy, says Jerome Powell

Jerome Powell gives testimony
Jerome Powell
Federal Reserve

Federal Reserve chairman Jerome Powell told both houses of Congress that US rent prices are already moderating, which he said would help significantly reduce inflation.

On March 7, Powell testified before the Senate’s committee on banking, housing and urban affairs. The next day, he spoke to the House of Representatives’ financial services committee.

“We have not made any decision about the March [Federal Open Market Committee] meeting,” said Powell. But he said January’s “strong” inflation

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