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“We don’t need to use negative rates in the US for the circumstances we are in,” New York Fed President John Williams argued on Tuesday and noted that yield curve control is viewed as a way to support forward guidance.

“The low take-up of some emergency facilities is a sign of success, means markets are functioning well,” Williams added. “The Fed is there and ready with facilities up and running if financial conditions worsen.”

Market reaction

The US Dollar Index paid little to no mind to these comments and was last seen losing 0.18% on the day at 97.29.