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

Key takeaways

"Rate of wage growth not consistent with 2% inflation over time."

"Some evidence wage growth flattening out."

"We don't want to reduce wages, we want a more sustainable pace of increases."

"Over time, we want wages to move up at the highest sustainable rate consistent with the 2% goal."

"Rate rises should impact house prices fairly quickly."

"We are seeing a slowing in housing."

"There are constraints on housing construction."

"We could find there's not enough housing at the right price."

Market reaction

The US Dollar Index stays under bearish pressure and was last seen losing 0.45% on the day at 103.95.