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

Key takeaways

"I have a lot of humility about trying to predict the economy in the next three years."

"Still, there is a path to getting inflation down to 2% with less troubling effects."

"Our goal is to bring inflation down without causing a recession."

"This could be an unusual situation with the possibility of a sharp decline in prices."

"Ultimately, we need to see progress on the supply-side but we're not waiting for it."

"Our job is to get demand down to a more sustainable level so supply can catch up."

"Banking system is very strong."

"Markets have been functioning reasonably well."

Market reaction

The US Dollar Index was last seen losing 0.45% on the day at 103.95.