it opens and then reopens 6 or 7 times a year, and the star of show fed chair j. powell plays himself. great thing about the power performances, is they are like warshaw test, you can read anything you want, wall street spending all told sums. investors are baffled by this commentary, after today's performance. stocks up 400 points. someone is happy. now, are they happy because the fed leaned against the wind and suggested no ease you'easier money. and mr. powell will hold the line? or fed will not start slashing rating to juice the economy. to reelect joe biden? i don't know what the reasons. is others might say that fedex economy practicejection shows three interest cuts this year, economic projections are always nearly wrong, best thing that powell said, he will keep his 2% inflation target, and not raise it to 3%. and the fed is not there yet. here is some price level indicators that we all should keep an eye on. the gold price since october up 20%. key commodity index since november up 12%. brent crude oil 86 bucks, now up 19%. since mid december . gasoline at pump

j powell. >> the fed chair j powell maintains the economy is in good shape, labor market is strong with inflation coming down but the fed needs more evidence on inflation coming down before cutting interest. how much evidence? maybe is not as much as we previously thought. >> more evidence that ill give us more confidence that inflation is on a path down o 2% sustainably. not looking for better readings then we have had, but more of them and what will happen is as we go forward, 12 months will continue to drop. because it will be lower than early last year. >> the first of two days of testimony before congress j powell says the fed can cut before it reaches 2% , he does not believe the economy is close to recession and higher bank capital rules could be re- examined. he says it is possible before it goes to capital higher levels being withdrawn, they could be reproposed on commercial real estate. there will be losses, it is a serious problem, but most issues are with small and medium banks in specific locations and the fed is working with the banks. add it all up, some modest but measurable incre

we're going to go to capitol hill where fed chair j. powell is testifying. so let's take a listen in. >> other members of the committee. i appreciate the opportunity to present the federal reserve's monetary policy report the federal reserve remains squarely focused on our dual mandate to promote maximum employment and stable prices for the american people. the economy has made considerable progress toward these objectives over the past year. while inflation remains above the objective of 2%, it has eased substantially. as the marker tightened and progress has continued, the risks to achieving our employment and inflation goals have been moving at a better balance. even so, the committee remains attentive to inflation risks and is acutely aware of it especially on those least able to meet the higher cost of essentials like food, housing and transportation. we are committed to returning inflation to 2% objective. restoring price stability is essential to achieve a sustained period of stronger labor marker conditions and benefit all. i will review the current