(Reuters) – The U.S. job market “is still a ways off” from the progress the Federal Reserve wants to see before reducing its support for the economy, while current high inflation will ease “in coming months,” Fed Chair Jerome Powell said in remarks prepared for delivery at a congressional hearing on Wednesday. “Powell’s testimony was on the dovish side and the Treasury curve has steepened slightly in response, although we will look for clarity at this Q+A on Capitol Hill this afternoon.” “The testimony conveys a stay-the-course attitude. This is not very surprising because testimonies are rarely the preferred venues to convey policy shifts and because the FOMC hasn’t had a chance to discuss recent events, including yesterday’s CPI print. The press conference following the July meeting should be much more informative about the future course of Fed policy. “ Nick Note: What shocking testimony. Its like we are looking at completely different set of number. He is talking about a return to 2% inflation… And we are at 7%…… this is not going to happen without a complete reversal of Fed stimulation and massive increases in interest rates…..