Jerome Powell speech: Case for raising rates weakened somewhat
|Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his remarks on the monetary policy outlook, with key quotes found below.
- US economy is in good place.
- Economy to continue to grow at a solid pace in 2019.
- Financial conditions tightened considerably in late 2018.
- Recent developments warrant patience.
- Case for raising rates weakened somewhat.
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EUR/USD jumps above 1.1450 to highest in 2 weeks as Fed moves to “patient” stance.
The EUR/USD rose more than 50 pips in a few seconds following the decision and the statement of the Federal Reserve. It jumped from 1.1415 to 1.1470, reaching the highest level since January 15. The euro is holding near the highs, with a robust bullish tone supported by a weaker US dollar. It broke the key short-term resistance level at 1.1450. A consolidation on top could point to more gains. The European currency also rose versus the pound.
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
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