Over two days of testimony this week before Congress, Federal Reserve Chairman Jerome Powell indicated there's no imminent end to the central bank's balance sheet wind down process, as some banks have moved to push back their own end date for a process commonly referred to as quantitative tightening.

Federal Reserve Chair Jerome Powell said the latest consumer price data show that while the central bank has made substantial progress toward taming inflation, there is still more work to do.

Powell defended the central bank’s independence from elected lawmakers’ desires. “Research over many, many years…shows that some degree of independence is very important in keeping inflation under control,