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

Key quotes

"Congress needs to raise the debt ceiling."

"Failing to do so, the consequences could be extraordinarily adverse and do longstanding harm."

"Fed will do what it can to restore price stability while preserving maximum employment."

"Fed is not in conflict right now on its dual mandate."

"There could be a time when our mandates are in conflict."

"We are very far from price stability mandate."

"We are not trying to raise the unemployment rate."

"We are trying to realign supply and demand through a bunch of channels including job openings."

"We are trying to create disinflation."

Market reaction

The US Dollar Index retreated slightly following the initial upsurge but holds comfortably in positive territory. As of writing, the pair was up 0.77% on the day at 105.10.