 And the Fed Reserve faces a cooling job market as well as persistently high prices, according to Chair Jerome Powell. He said so in testimony Tuesday to Congress, a shift in emphasis away from the Fed's single-minded fight against inflation over the past two years. Powell didn't provide what Wall Street investors are watching for, any clear indication of timing for when the Fed might make its first rate cut, but his testimony will likely harden investors' and economists' expectations that the first one could come in September.