BREAKING: Live Hot Comments from FED Chairman Jerome Powell Just In!

FED Chairman Jerome Powell is speaking at the Senate Banking, Housing, and Urban Affairs Committee hearing, here are the key highlights from his speech:

• Long-term inflation expectations appear solid.
• The Fed's framework assessment will not focus on inflation targets, and the inflation target will remain at 2%.
• Current policies are fully prepared to deal with risks and uncertainties.
• If the economy continues to remain strong and inflation does not approach 2%, policy can be cautiously sustained for a longer period. However, if the labor market unexpectedly weakens or if inflation falls more than expected, policy can be moderately eased.
• Generally, the US economy is strong and the inflation rate is close to the 2% target, but still a bit high.
• The unemployment rate is low and stable, the labor market is strong and has not become a source of inflationary pressure.