Breaking: Powell says negative rates not something Fed is looking at

Eren Sengezer FXStreet

Jerome Powell, Chairman of the Federal Reserve System, noted that the FOMC's view on negative rates has not changed and reiterated that it's not something they are looking at.

"The Fed intends to continue using tools it has already tried," Powell noted while responding to questions an event organized by the Peterson Institue for International Economics. "Previous minutes on negative rates debate says all FOMC participants were against them."

Market reaction

The US Dollar Index edged higher on these comments and was last seen at 99.80, where it was still down 0.2% on the day.

Powell Quick Analysis: Doom, gloom, and no negative rates set to tank stocks, boost dollar.

Almost 40 percent of those in households making less than $40,000 a year had lost a job in March – one of the gloomy quotes from Jerome Powell, Chairman of the Federal Reserve. The text of his speech consists of concerns about long-lasting damage, lower productivity, and other dire projections.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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