Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is now responding to questions from the press, with key quotes (via Reuters) found below.
- We discussed removing the term 'accommodative monetary policy.'
- We don't seek to play a role in trade policy.
- We don't see excess credit growth when looking at households.
- We are monitoring non-financial corporates' debt.
FOMC raises the target for Fed funds rate by 25bp to 1.75-2.00%.
Following its 2-day meeting, the Federal Open Market Committee announced that it would hike the benchmark interest rate by 25 basis points to the target range of 1.75% - 2% in a widely expected decision.
USD/JPY capped at 110.80/90 post FOMC as being the descending channel's resistance line.
USD/JPY has rallied from the pre-Fed level of 110.42 to test the bear's commitments at 110.80, marking the highest level since 22nd May at 110.85. The tone from the Fed who hiked today by 25bps is hawkish and that is underpinning the dollar.
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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