FOMC Chairman Jerome Powell testifies on the Semi-annual Monetary Policy Report before the US House Financial Services Committee.

Key quotes

"We have important data before March meeting."

"I haven't seen JOLTS data yet."

"We have not made any decision yet about March meeting, it's data-dependent."

"We will be guided by incoming data."

"Terminal rate is likely to be higher than we expected."

"Extraordinarily strong jobs report and inflation reports pointed in the same direction."

Market reaction

The US Dollar came under modest bearish pressure following these comments and the US Dollar Index was last seen losing 0.15% on the day at 105.45.