The Senate Committee on Banking, Housing, and Urban Affairs is set to receive The Semiannual Monetary Policy Report to Congress from Federal Reserve Chair Jerome Powell.

The Monetary Policy Report to Congress is a briefing by the Chair of the Federal Reserve Board of Governors on recent economic and financial developments and monetary policy.

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Reports like this are required by the Federal Reserve Act. It requires the Federal Reserve Board to submit written reports on "the conduct of monetary policy and economic developments and prospects for the future" to Congress, according to the Fed’s website.

(AP Photo/J. David Ake)

Powell is expected to face questioning from senators on efforts to bring down inflation while not hurting the economy and the possibility of recession.

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He will return to Capitol Hill on Wednesday to testify before the House Financial Services Committee.