- Jerome Powell to deliver his testimony before the US House Financial Services Committee.
- Fed Chair embarks on second day in US Congress on Q&A session with representatives.
- US Dollar rallied on Tuesday after Powell’s hearing in the US Senate.
Jerome Powell, Chairman of the Federal Reserve System, is delivering his written testimony speech in front of the US House Financial Services Committee on Wednesday at 15:00 GMT. It is the second day that Powell addresses the US Congress after delivering a notably hawkish testimony on Tuesday in front of the US Senate Committee on Banking, Housing, and Urban Affairs. There, Powell mentioned that the Fed is “prepared to increase the pace of interest rate hikes” to help inflation return to the 2% target.
The US Dollar rallied across the board after his remarks on Tuesday, with the US Dollar Index (DXY) reaching year-to-date highs close to 106. In contrast, most risk-on assets suffered, with US stock markets, most major currency counterparts and Gold price lost between 1% to 2% on the day.