Federal Reserve Chairman Powell will attend the semi-annual monetary policy report hearings of the House and Senate. The original testimony released in advance stated that policy interest rates may have reached a peak in this tightening cycle. If the economy performs broadly as expected, it may be appropriate to begin easing policy restrictions at some point this year. It would not be appropriate to lower the interest rate target range until there is greater confidence that inflation will continue to move towards 2%. Remaining highly concerned about inflation risks and acutely aware of the serious difficulties that high inflation can cause, the FOMC is firmly committed to returning inflation to its 2% objective. He will also take questions and inquiries from members of Congress at the hearing.