Breaking: FOMC Chairman Powell says policy will deliver powerful support
|The US Federal Reserve's monetary policy will deliver powerful support until the economic recovery is complete, Fed Chair Jerome Powell is set to say in remarks prepared for delivery at a congressional hearing on Wednesday.
Market reaction
With the initial reaction, the USD came under strong selling pressure and the US Dollar Index was last seen losing 0.4% on a daily basis at 92.40.
Additional takeaways
"Job market is still a ways off from progress needed to begin the bond-buying taper."
"Inflation is likely to remain elevated in coming months before easing, expectations are broadly consistent with the Fed target."
"Household and business balance sheets are quite strong, core financial institutions are resilient."
"Strong job gains expected to continue in coming months as health crisis continues easing."
"Household spending is rising at a rapid pace, housing demand is strong, business investment is solid."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.