Powell speech: Risk of higher inflation has increased

Fed Chair Jerome Powell is testifying before the Committee on Banking, Housing, and Urban Affairs of the US Senate alongside US Treasury Secretary Janet Yellen. His comments have not thus far deviated from the pre-released remarks publicised on Monday.  

Key takeaways: 

"Higher prices are generally related to supply-demand issues."

"Also the case that price increases have spread more broadly."

"Risk of higher inflation has increased."