Woofun AI reports that Federal Reserve Chair Jerome Powell stated the central bank maintains "zero tolerance" for persistent high inflation during his first congressional hearing. He characterized the failure to keep inflation below the 2% target over the past five years as a dereliction of duty, noting that single-month CPI improvements do not alter this assessment.

Powell confirmed that interest rate tools remain available for future use, with the FOMC set to discuss their application without providing specific forward guidance. He emphasized the Fed's independence from political influence and highlighted ongoing reforms in economic analysis and communication mechanisms.