Jerome Powell, Chairman of the US Federal Reserve (Fed), delivers the Semi-Annual Monetary Policy Report and responds to questions before the Senate Banking Committee on the first day of his Congressional testimony.

Key takeaways

"We are looking at where we can be faster and more forceful where appropriate in supervising banks."

"Unemployment is still low by historical standards."

"Job creation is narrowing in the economy."

"Not sending any signals today about timing of future Fed policy actions."

"Banks need to be honestly assessing their risk to manage it."

"Large banks can manage this problem."

"For smaller banks, we are in touch with those banks to make sure they can manage them."