Powell speech: We need to continue to tighten
|FOMC Chairman Jerome Powell testifies on the Semi-annual Monetary Policy Report before the US Senate Banking Committee.
Key quotes
"Hard to make case we have overtightened."
"We need to continue to tighten, we are very mindful of lags."
"We don't think we need a significant increase in the unemployment rate."
"But will need softening in labor market to get to 2%."
"Social costs of failure are very, very high."
"If inflation were to continue that would become the psychology."
"If we fail, it would mean an up and down economy."
"Capital allocation is also difficult in that type of world."
Market reaction
The US Dollar Index continues to push higher and was last seen rising 1.05% on the day at 105.38.
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.