FOMC Chairman Jerome Powell is delivering his remarks on the Federal Reserve’s response to the coronavirus crisis before the U.S. House of Representatives Committee on Financial Services.
Featured statements
“We are strongly committed to the price stability mandate.”
“I expect a rebound in inflation this year due to base effects and bottlenecks.”
“I don’t expect it to be big or persistent.”
“We remain committed to inflation expectations anchored at 2%.”
“The recovery is still far from complete.”
“The Fed is committed to using the full range of tools to support the economy and ensure a strong recovery.”
“Our best expectation is modest upward pressure on prices this year.”
Market reaction
The US Dollar Index retains its bullish momentum following these comments and was last seen gaining 0.57% on the day at 92.26.
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