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

Key quotes

"There is mismatch between supply and demand; we still see that in the goods sector, you also see it in the labor market."

"We will keep capital requirements strong."

"We have the tools to get inflation down over time."

"We will achieve 2% inflation goal."

"Core inflation has not come down as fast as we hoped, has a long way to go."

Market reaction

The US Dollar Index clings to strong daily gains at around 105.00 following these comments.