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

Key quotes

"Not big spike in business debt generally."

"However, there are pockets of concern including upcoming refinancing."

"We are watching that carefully."

"In terms of commercial real estate, occupancy of office space is remarkably low."

"Over time that space will be changed into condos."

"Most big banks though don't have a lot of exposure to commercial real estate."

"We carefully monitor small and medium size banks' exposure to commercial real estate."

"Fed is very strongly committed to tailoring regulations for banks."

Market reaction

The US Dollar Index clings to impressive daily gains during Powell's testimony and was last seen rising 0.9% on the day at 105.22.