Powell speech: Will not wait to see progress on supply side

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 stays under modest bearish pressure and was last seen losing 0.22% on the day at 104.20.