Watch: Federal Reserve chair gives testimony to US House on economic situation

Watch as Federal Reserve chair Jerome Powell delivers his semiannual monetary policy testimony to the US House financial services committee on Wednesday, 21 June.

Mr Powell was expected to affirm that more interest rate increases are likely until additional progress is made on bringing down inflation.

“We at the Fed remain squarely focused on our dual mandate to promote maximum employment and stable prices for the American people,” he said, in prepared remarks for testimony.

“My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2 per cent goal.

“Price stability is the responsibility of the Federal Reserve, and without it, the economy does not work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labour market conditions that benefit all.”

Mr Powell made the speech as part of his semiannual appearance on Capitol Hill.