The sale of the dollar remains intact after Powell talks about monetary policy

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While speaking at an online event hosted by the Princeton Bendheim Center for Finance, the President of the FOMC, Jerome Powell, said they need to see inflation rise above 2% for a while for the new framework to be credible for the public.

Market reaction

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He dollar continues to weaken in front of his rivals during Powell’s speech. At time of writing, the US Dollar Index was down 0.23% daily to 90.12.

Featured statements:

“The flexible average inflation target means that we have not tied ourselves to a mathematical formula“.

“We want inflation expectations to be well anchored at 2%.”

“We announce the framework in which there is evidence that market participants have changed expectations to be consistent with guidance.”

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