In his prepared remarks for testimony, US Federal Reserve Chairman Jerome Powell stikes cautious statements while citing the economic uncertainty for the US going forward. The Fed Cheif marked the economic recovery in the statements but also said, “Pace of improvement has moderated:, per the prepared noted published by Reuters.
- Outlook for US economy uncertain, will depend on virus.
- Economic activity has continued to recover, but pace of improvement has moderated.
- Overall rebound in household spending due in part to federal aid.
- Pace of improvement in labour market has moderated.
- Fed’s actions have unlocked almost $2 tln of funding to support businesses, nonprofits, local governments.
- Rise in covid-19 cases is concerning, could prove challenging for next few months.
- Committed to using our full range of tools to support the economy.
- Vaccine news is very positive for the medium term; challenges, uncertainties remain.
US dollar fades pullback recovery…
Following the news, US dollar fades the recent bounce off multi-month low.