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Following the decision of the Federal Open Market Committee (FOMC) to keep the interest rate unchanged in the target range of 0-0.25%, Chairman of the Board of Governors of the Federal Reserve System Jerome Powell comments on the policy outlook.
Jerome H. Powell took over as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell is also chairman of the Federal Open Market Committee, the main body of the system for making monetary policy. Mr. Powell has been a member of the Board of Governors since taking office on 25 May 2012 to fill the outstanding deadline. He was reappointed to the Council and sworn in on June 16, 2014, for a term ending January 31, 2028.
The dollar maintained its sour tone ahead of the announcement by the US Federal Reserve, the most significant event of the day. The central bank kept monetary policy unchanged, as expected, with minor changes in the report.
Chief Powell’s Speech: Main Points
In Chief Powell’s speech, the dollar swung between gains and losses. Among other things, he said that “high-frequency data shows that the pace of recovery appears to have slowed since mid-June,” providing temporary support for the US currency, which subsequently resumed its decline. He also referred to as “critical” financial support for economic recovery.
“High-frequency data shows that the pace of recovery looks like it has slowed since mid-June, consumer surveys look like it is softening again, and overall, the data looks like it points to a slowdown in growth, recovery, it is too early to tell how big and sustainable it will be, the path of the economy depends very much on the spread of the virus and the measures that are being taken to contain it; earlier financial actions of Congress help the economy, it is good that a new package is being considered, the pandemic is a disinflationary shock, the Fed does not even think about raising rates.”
The current economic situation requires a strong stimulus from the Fed. Market participants are likely to study this statement, as well as Powell’s words for further stimulus clues, as big announcements are not anticipated on Wednesday.
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