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28 Jul 2021

Powell speech: No consensus on what explains moves in bond markets

Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.

Key quotes

"No consensus on what explains moves in bond markets."

"Don't see in bond market moves anything that challenges the credibility of the framework."

"Fed is monitoring inflation very carefully."

"Fed thinks it will make good progress over the next couple of years towards maximum employment."

"Clearly on a path to a very strong labor market."

"It is not timely to think about raising interest rates right now, Fed looking at asset purchases instead."

"Ideally, you would not raise rates before you taper."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.

Jul 28, 2021

GBP/USD tests 1.3901 resistance as markets react to Fed Powell presser, USD offered

GBP/USD is trading near 1.3900 during the conclusion of the two-day Federal Open Market Committee meeting with what appears to be some 'temporary' US
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Jul 28, 2021

Russia Unemployment Rate below expectations (5%) in June: Actual (4.8%)

Russia Unemployment Rate below expectations (5%) in June: Actual (4.8%)
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