Fed Chair Jerome Powell is currently testifying before the House Financial Services Committee alongside US Treasury Secretary Janet Yellen. 

Key takeaways:

"Our forecast is for inflation to come down meaningfully in the second half of next year."

"I think it is likely inflation will come down then."

"But we can't act like we are sure that will happen with inflation next year."

"We are not at all sure of inflation forecast."

"We have to use our policy tools to tackle range of possible inflation outcomes."

"We are assuming that some form of build back better plan will pass."