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FOMC Chairman Jerome Powell is delivering his remarks on the Federal Reserve’s response to the coronavirus crisis before the US House Committee on Financial Services.

Key quotes

“The monetary policy is  highly accommodative and that’s appropriate right now.”

“Some asset prices are a bit high but funding risk is relatively modest and banks are well-capitalized.”

“When it comes, we will communicate well before tapering.”

“Climate change can have long-term effects on our economy and we need to start the process of understanding it.”

“We don’t have a new mandate, it is consistent with the existing mandate for supervision.”

Market reaction

The greenback preserves its strength against its major rivals following these remarks. As of writing, the US Dollar Index was up 0.6% on the day at 92.28.