Q&A with new Fed Chair Jerome Powell

  • 4.10% unemployment rate is around or even below many estimates of full employment
  • Wide range of indicators suggest US is near full employment
  • Wages not signalling any tightness in labour market
  • US does not still have banks that are too big to fail
  • Fed will incorporate fiscal changes into economic projections when the fiscal changes come

The dollar is softening since Powell started talking. We already had his opening remarks yesterday, which contained nothing remotely market moving. I’ve been wondering about the dollar strength today and perhaps the market got itself a little bid up on hopes for some hawkish comments. Plenty of time to go but USDJPY is back down to 111.20 from 111.46,

Ryan Littlestone

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