Breaking: FOMC Chairman Powell says policy will deliver powerful support

FXStreet Team FXStreet

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."

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FXStreet Team

FXStreet

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