Federal Reserve Chairman Powell: Policy has reached a "pretty good point."

Fed Chairman Powell: The neutral interest rate issue is irrelevant to current policy.

Federal Reserve Chairman Powell: But we have not yet seen any improvement in productivity from artificial intelligence.

Federal Reserve Chairman Powell: Artificial intelligence should improve productivity.

Federal Reserve Chairman Powell: The supply-side recovery has stimulated new demand and supply.

Federal Reserve Chairman Powell: It is too early to judge that there has been a disruption in the transmission of monetary policy.

Federal Reserve Chairman Powell: I do think monetary policy is working.

The U.S. dollar index DXY fell more than 0.50% on the day and is currently at 104.24.

U.S. Treasury yields turned lower; the 10-year yield edged down to 4.363%.

Fed Chairman Powell: Committed to gradually returning inflation to 2%

Federal Reserve Chairman Powell: Inflation expectations are consistent with the 2% inflation target.

Federal Reserve Chairman Powell: Tightening of monetary policy will suppress demand.

Federal Reserve Chairman Powell: Population growth may help curb inflation in 2023.

Fed Chairman Powell: Inflation is not entirely caused by overheating demand.

The swaps market remains stable, with at least two Fed rate cuts expected in 2024.

Federal Reserve Chairman Powell: The Federal Reserve is making meeting decisions one by one.

Fed Chairman Powell: It’s too early to tell whether the recent inflation data is just a temporary fluctuation.

Federal Reserve Chairman Powell: To this end, the Federal Reserve still needs greater confidence to ensure that inflation can sustainably fall to the 2% target level.

Federal Reserve Chairman Powell: If the economy develops as the central bank expects, most FOMC members believe it would be appropriate to begin lowering the policy interest rate at some point this year.