{video} The biggest news from Jerome Powell’s congressional testimony last week may not have been the one that moved markets and grabbed the headlines. While Powell’s comments on Capitol Hill about the current outlook cemented expectations for an interest-rate cut this month, he also acknowledged for the first time publicly that officials have potentially tightened monetary policy too much because they underestimated shifts in the U.S. economy. That admission carries major implications. The central bank may cut not just this month but also later in the year to prolong the expansion and test the limits of labor market ... (full story)