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The Federal Reserve is committed to using its full range of tools to support the economic recovery, Federal Reserve’s Vice Chairman Richard Clarida reiterated while speaking at an event organized by Institute of International Finance on Wednesday, per Reuters.

Additional takeaways

“Perhaps another year before the US GDP reaches the pre-pandemic peak, even longer for full employment to return.”

“Economic data since May are surprisingly strong, though outlook remains uncertain, dependent on the virus and successful mitigation efforts.”

“Service sector lags but rebound otherwise is broad across types of consumption goods, housing and investment.”

“New framework elevates the importance of keeping inflation expectations well-anchored at 2%.”

Market reaction

The US Dollar Index paid little to no attention to these remarks and was last seen losing 0.23% on the day at 93.32.