The dollar took a dive against a basket of currencies and the major share indexes opened higher after Fed Chairman Powell's prepared remarks ahead of his testimony whil 2-year yields dropping 7bps in the 5 minutes since the release. Powell said that in the June FOMC meeting many of his colleagues saw the case for easier policy and that "uncertainties" since have continued to rise.
Federal Reserve chairman said "uncertainties about the outlook have increased in recent months" and this is despite last week's strong US jobs figures and an easing of trade tensions with China.
"Concerns about the strength of the global economy continue to weigh on the US outlook," Mr Powell said.
The Fed has kept its current benchmark overnight interest rate in a range of between 2.25% and 2.50% since December.