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While speaking at a panel organized by the Swiss Institute of International Studies (SIAF), University of Zurich,  Jerome Powell, Chairman of the Federal Reserve System, noted that the FOMC was not forecasting or expecting a recession in the US.

“The most likely outcome for the US  is moderate growth, the consumer is in good shape, the main expectation is not at all there will be a recession,” Powell further elaborated.

The US Dollar Index seems to be gaining traction on Powell’s optimistic remarks and was last up 0.04% on the day at 98.42.