Powell speech: We may need more fiscal support

Eren Sengezer FXStreet

FOMC Chairman Jerome Powell reiterated on Tuesday that the Federal Reserves remains committed to using all of its tools to support the economy through the coronavirus crisis.

"We will continue to provide strong support," Powell told the US Senate Banking Committee and noted that it is likely they will need more fiscal support. "Inequality is an important problem in our economy, it holds our economy back," Powell added.

Market reaction

The greenback continues to weaken against its rivals during Powell's testimony. As of writing, the US Dollar Index was down 0.35% on the day at 91.55.

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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