Fed's Yellen: Employment is near maximum sustainable level
|During a press briefing, Fed's Chairwoman Janet Yellen stated that U.S. economy appears to have rebounded after Q1 slowdown.
Key quotes (via Reuters):
- Pickup in global growth helping U.S. exports this year
- Job growth still well above pace needed to absorb new entrants to labor force
- Stable labor force participation rates in recent years is sign of improving labor conditions
- Job market will strengthen somewhat further
- Employment is near maximum sustainable level
- Additional gradual rate hikes will be appropriate over next few years
Market updates post-FED:
AUD/USD backs away from session highs after Fed delivered a hawkish rate hike
USD/CHF rises to 3-day highs after FOMC decision
Yellen defends the hawkish rate hike, EUR/USD surrenders gains
NZD/USD eases from 4-month highs during Yellen's presser
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