Fed's Bostic: I totally agree with Powell's view that we will "act as appropriate to sustain the recovery"
|- Fed chat is moving the market, and rhetoric is mixed.
- Markets await the Fed chairman Powell to speak.
- Federal Reserve's Bostic and Bullard are crossing the wires now.
Federal Reserve's Bostic, who is the President and CEO of the Federal Reserve Bank of Atlanta, has said that he totally agrees with Chairman Powell's view that the Federal Reserve will "act as appropriate to sustain the recovery":
Additional comments
- Normalization has been a good thing for housing in the long-run because it reminds people about the risk-reward.
- People have gotten used to low interest rates and that's created a heightened sensitivity.
- This has been a slow recovery.
- I've gotten out of the business of predictions, what I'm interested in is feedback in real-time and seeing how people are responding.
Fed speakers coming up...
Markets are now waiting to hear from Powell who is slated to give a speech at the Council on Foreign Relations in New York at 1 p.m. Eastern which is also including Q&A. Other Fedspeak includes Bullard, (speaking now) and Barkin in Ottawa.
FX implications:
Markets are trading every word that Fed speakers are saying it seems. The latest 25 point move in the DXY seems to have fallen on the back of Bullard speaking who has said a 50 point cut in July would be overdone.
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