Just waking up? Fed Chair Powell testimony moved FX - summary
Federal Reserve System Chai Powell gave testimony today, from prepared text and also in Q&A
Following Powell the June meeting Federal Open Market Committee minutes were released.
If you take a quick glance at your charts you'll see substantial movement for forex, in a nutshell a weaker USD as Powell confirmed the FOMC leaning dovish.
Greg was all over the testimony and minutes (and related Fed comments etc.), I've collated his work here for easy reference, read from the bottom point up for chronology:
- Fed's Bullard: Would support a 25 basis point cut. 50 basis points would be overdone
- Fed's Bullard: Fed should have foregone the December rate hike
- FOMC June minutes: Many fed officials saw stronger rate cut case amid rising risks
- Chair Powells testimony ends. What happened in the markets?
- Atlanta Fed GDPNow 1.4% vs last reading of 1.3%
- Powell continued: Wages rising at a healthy level, but expected more
- More Powells: Lower inflation could work its way into lower short-term interest rates
- Powell: Fed has no evidence for calling this a "hot" labor market
- More Powell: Fed does not want to get on a road to long periods of low inflation
- Highlights of Powell testimony is underway: Would not resign if asked by Pres. Trump
- Full text of Chair Powells prepared remarks to Congress
- Fed Powell: Uncertainties since June FOMC continued to dim outlook. Risk weak inflation will be even more persistent