Jerome Powell, Chairman of the Federal Reserve, has said that the economy is a long way from reaching its inflation and employment targets. His comments prepared prior to congressional testimony also acknowledge that the outlook has improved.
The US dollar is retreating from the highs and stock markets are rebounding from lows as an initial response.
Powell also claims that it will take time to make “substantial progress”. In any case, it says that the Fed will communicate changes in the purchase of bonds “well in advance”.
Perhaps the most pessimistic statement is that pledges not to tighten monetary policy solely in response to a strong labor market. Another note of caution is that growth has slowed substantially after the summer.
This is what movement looks like in the EUR/USD, which is recovering from lows:
Previously, the indicator Conference Board consumer confidence for February reached 91.3 points compared to the expected 90.
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