WASHINGTON, DC - MARCH 06: Federal Reserve Bank Chairman Jerome Powell (R) visits with House Financial Services Committee ranking member Rep. Maxine Waters (D-CA) following a hearing in the Rayburn House Office Building on Capitol Hill on March 06, 2024 in Washington, DC. Powell testified that the Fed may begin to lower borrowing costs in 2024 but that economists need more confidence that inflation was under control before changing interest rates. "We believe that our policy rate is likely at its peak for this tightening cycle," he wrote in prepared remarks. (Photo by Chip Somodevilla/Getty Images)Photo: Chip Somodevilla / Getty Images News / Getty Images