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Jay Powell talks inflation on Capitol Hill. I'm Matt Levin with the Marketplace Minute. Pretty even day for Wall Street today. The Dow inched down one-tenth percent. The Nasdaq and S&P 500 both inched up one-tenth percent. Fed Chairman Jerome Powell told Congress today that the labor market has cooled significantly and is no longer a driving force behind inflation.
Powell's testimony was widely interpreted as a sign the central bank is getting closer to cutting rates. Instead of keeping drug costs down, pharmacy benefit managers artificially inflate prices to bolster profits, according to a new report by the FTC, an industry group called the report misleading.
And according to the Wall Street Journal, Athletic Brewing, the country's top-selling non-alcoholic beer brand, has roughly doubled in value in just two years. The company was valued at $800 million in its latest financing rank. I'm Matt Levin with the Marketplace Minute.