Key Takeaways Federal Reserve Chair Jerome Powell will testify to Congress Tuesday and Wednesday, where he will discuss the state of the Federal Reserve's battle against inflation.Powell could also face scrutiny from Republican allies of influential White House advisor Elon Musk,

Steady hiring and a mostly-healthy job market suggest that there is less of an urgent need for the Fed to reduce borrowing rates. It implemented a steep half-point cut in September after weak hiring over the summer spurred fears that the economy was stumbling, possibly into recession.

Federal Reserve Chair Jerome Powell heads to Capitol Hill this week for two days of testimony, a couple of weeks after the Fed hit pause on interest rates. In between his appearances, the