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.
