Powell said that officials continued discussions about the five-year review of the Fed’s monetary policy framework at the July meeting. The conversations focused on “potential revisions to our statement,

Former Treasury Secretary Lawrence Summers backed Jerome Powell’s silence on whether he will step down from the Federal Reserve board when his term as chair is up in May 2026, declining to align with the current Treasury chief on the issue.

Federal Reserve Chair Jerome Powell made it clear on Wednesday that the resilient U.S. labor market is currently the primary determinant of monetary policy, a signal that strong July employment figures could snuff out all bets for a September rate cut and reduce the likelihood of any further easing this year.