 Powell told the Senate committee the overall economy remains strong and there are signs inflation is cooling. He said the Fed's goal is to continue to bring it down. We remain committed to bringing inflation back down to our 2% goal and to keeping longer-term inflation expectations well anchored. Powell went on to say in light of progress on inflation, keeping interest rates too high for too long is another risk to the economy. The next opportunity for the Fed to cut interest rates is in September. Jay O'Brien, ABC News, Washington.