In his prepared remarks delivered at an event organised by the National Association of Business Economists in Denver, Federal Open Market Committee (FOMC) Chairman Jerome Powell said that the monetary policy was never on a preset course and reiterated that they will act as appropriate to support continued growth, strong job market, and return to 2% inflation.
The US Dollar Index largely ignored these comments and was last seen up 0.2% on the day at 99.20. Below are some additional quotes, per Reuters.
“The Fed will soon announce measures to add to reserves supply over time.”
“The time is now upon us for the Fed to expand the balance sheet to maintain appropriate level of reserves.”
“The Fed’s purchases of treasury bills will resolve recent technical issues will not materially affect the stance of the monetary policy.”
“Jobs, the inflation picture is favorable.”
“The Fed sees continued economic expansion, strong labor market, inflation near 2% goal as the most likely outlook.”
“Global developments pose risks to the favorable US outlook.”
“Policy actions are providing support for the outlook.”
“The Fed will assess the outlook, risks on a meeting-by-meeting basis.”
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