Jerome Powell, Chairman of the Federal Reserve System, said that the Fed in its new strategy will target average inflation in his prepared remarks at the virtual Jackson Hole Economic Policy Symposium.
Market reaction
With the initial reaction, the US Dollar Index (DXY) slumped to a six-day low of 92.64 before recovering its losses. As of writing, the DXY was down 0.1% on the day at 92.78.
Developing story…
Follow our live coverage of the market reaction to Powell’s remarks.
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