FOMC Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on "The Semiannual Monetary Policy Report to Congress."

Key takeaways

"Fed rate hikes won't bring down gas or food prices."

"String of additional rate increases are priced in, that's appropriate."

"Most recent inflation indicators suggested we needed to accelerate the pace of rate hikes."

"We understand the full scope of the inflation problem, we are addressing it vigorously."

"Price stability the bedrock of the economy."

"Market has been reading our reaction function reasonably well."

"You will see continued expeditious progress toward higher rates."

"We are strongly, strongly committed to reducing inflation."

Market reaction

The US Dollar Index stays under modest bearish pressure and was last seen losing 0.22% on the day at 104.20.