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The US Federal Reserve said on Wednesday that FOMC Chairman Jerome Powell’s prepared remarks to the House Financial Services Committee on Wednesday will be identical to those delivered before the Senate Banking Committee on Tuesday.

“The economy is a long way from our employment and inflation goals and it is likely to take some time for substantial further progress to be achieved,” Powell said on Tuesday. “We will continue to clearly communicate our assessment of progress toward our goals well in advance of any change in the pace of purchases.”

“We are committed to using our full range of tools to support the economy and to help ensure that the recovery from this difficult period will be as robust as possible,” the chairman concluded before answering questions.

Market reaction

The US Dollar Index is edging higher in the early American session and was last seen gaining 0.15% on a daily basis at 90.30.

Expert score

5

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