It puts hair on, and inside, your chest.

But -28°F (-33°C) is tolerable for up to, say, a half hour or so at a time, if you are wearing normal street clothes, good boots and a heavy coat.
At -40° your breath starts to freeze while it is still deep in your throat. Your tonsils grow icicles. You can stand to be out in it for maybe 5 minutes at a time, unless you invest in heavy duty arctic gear. Including one of those Russian fur hats, which are mandatory.
When I moved to the Adirondacks 25 years ago, I used to wear thermal underwear all the time, all winter long. I would have even worn it in the shower if I could have! I just couldn't get warm enough. Now I hardly ever do. My body has adapted to the climate. I start to store extra fat in the autumn, just like a bear, whether I want to or not. If it was -5°, I would dress like I was making an assault on Everest when I went out to get the mail. Now I often don't even bother to put on a coat. I have been seen shoveling off my steps and ramp on January mornings while dressed in gym shorts and a t-shirt. I have, on many occasions, run out in deep snow in my bare feet to start my car. (And I still have all of my toes.)
MarkII