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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

“We’re strongly committed to price stability mandate.”

“I expect a pickup in inflation this year from base effects, bottlenecks.”

“I do not expect it to be large or persistent.”

“We remain committed to inflation expectations anchored at 2%.”

“The recovery is still far from complete.”

“Fed is committed to using the full range of tools to support the economy and ensure a robust recovery.”

Market reaction

The US Dollar Index preserves its bullish momentum following these comments and was last seen gaining 0.57% on a daily basis at 92.26.