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

Key takeaways:

"We need to move on from the word transitory."

"The risks of higher inflation have moved up."

"Demand is very, very strong from fiscal policy and a quickly rebounding economy."

"The economy is very strong now."

"Price stability and job are in tension; we'll use tools to make sure high inflation does not become entrenched."

"Fed's two goals are in tension now, need to balance them."