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

Key takeaways

"We don't think we've seen the full effect of lockdowns in China yet."

"Important to explore how we can harden up and improve global supply chains."

"We are trying to lower demand growth."

"Congress can help increase supply over medium term, but probably not over short term."

Market reaction

The dollar struggles to find demand after these comments and the US Dollar Index was last seen losing 0.23% on the day at 104.12.