The Chairman of the FOMC, Jerome Powelltestifies before the Senate Committee on Banking, Housing and Urban Affairs on the “Semi-Annual Monetary Policy Report to Congress.”
Main conclusions
“Fed rate hikes won’t lower gas or food prices“.
“The string of additional rate hikes is priced in, it’s appropriate.”
“Most of the recent inflation indicators suggested that we should accelerate the pace of rate hikes.”
“We understand the full scope of the inflation problem, we are aggressively tackling it.”
“Price stability is the foundation of the economy.”
“The market has read our reaction function reasonably well.”
“You will see a Steady and continued progress toward higher rates“.
“We are strongly committed to reducing inflation.”
market reaction
The Dollar Index remains under modest downward pressure and trades down 0.22% daily at 104.20.
Source: Fx Street
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