Powell speech: US economic outlook has clearly brightened

Eren Sengezer FXStreet

FOMC Chairman Jerome Powell is delivering his prepared remarks at a virtual event organized by the National Community Reinvestment Coalition.

Key quotes

"Economy is not out of woods yet but now making real progress."

"Economy is reopening, bringing stronger economic activity, job creation."

"36% of black mothers and 30% of Hispanic mothers are not working or working less because of childcare, school disruptions."

"Labor force participation fell 4 percentage points for black and Hispanic women vs 1.6 points for white women."

"The US economy will only reach full potential when everyone can contribute to and share in the benefits of prosperity."

Market reaction

The greenback remains on the back foot following these comments. As of writing, the US Dollar Index (DXY) was down 0.4% on the day at 90.94.

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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