FOMC Chairman Jerome Powell is testifying before the House Financial Services Committee on "Monetary Policy and the State of the Economy."

Key takeaways

"Possible to have strong labor market while curbing inflation."

"Challenge now is we are tightening, which should drive growth down."

"We don't have precision tools."

"There is a risk that unemployment will move up."

"But remember, that's from a historically low level."

"Labor market is overheated."

"Our intention is to achieve a soft landing, path to do that has gotten more and more challenging.""

Market reaction

The US Dollar Index continues to edge higher after these comments and was last seen rising 0.22% on the day at 104.40.