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

Key takeaways

"Our goal is for a soft landing, going to be very challenging."

"Been made significantly more challenging the last few months."

"Our ability to do that will depend to some extent on factors outside our control."

"Our other risk is that if we didn't restore price stability, inflation expectations go up."

"We can't fail on bringing down inflation."

Market reaction

The US Dollar Index stays deep in negative territory and was down 0.4% on the day at 104.00 at the time of press.