FOMC Chairman Jerome Powell testifies on the Semi-annual Monetary Policy Report before the US Senate Banking Committee.

Key quotes

"Nothing about data suggests we've tightened too much; rather suggests we have more work to do."

"Data so far suggests we'll have a higher terminal rate in our next Summary of Economic Projections."

"Inflation is extremely high and hurting working people of this country badly."

"We are taking only measures we have to bring inflation down."

"Working people will not be better off if we don't get inflation down."

Market reaction

The US Dollar rally continues during Powell's testimony with the US Dollar Index rising nearly 1% on the day at 105.30.