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

Key takeaways

"It's really only at the very short end that real rates are negative."

"Price inflation is a macroeconomic question."

"Our tools can't impact energy and food inflation."

"Focused on part of inflation we can address."

"We can reduce demand."

Market reaction

The US Dollar Index, which tracks the greenback's performance against a basket of six major currencies, stays on the back foot and was last seen losing 0.25% on the day at 104.16.