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Analysts at RBS point out that Fed Chair Jerome Powell’s latest semi-annual testimony before Congress sounded upbeat about the US economy.

Key Quotes

“US growth is solid with investment rising at a healthy pace,  the jobs market has continued to strengthen, inflation is close to the FOMC’s 2% target and the risks to the outlook are viewed as roughly balanced.”

“He warned that rising US trade tensions pose a downside risk to the economy but this was offset by the positive effect of a sizeable fiscal stimulus. Hence the Fed, for now, maintains its gradual tightening bias.”