Powell: Now is not the time to be talking about Fed exit

Author: Greg Michalowski | Category: Central Banks

More from Fed's Powell

  • Now is not the time to be talking about Fed exit
  • Economy is far from Fed's goals
  • Taper tantrum highlights sensitivity about bond buying
  • We know we need to be very careful in communicating
  • Guidance on rates, asset purchases is not timebase but outcome based
  • We will be very very transparent as we get close
  • When it does become appropriate to discuss specific dates for QE taper, we will let the world know
  • This will be a different economy will we come out of the pandemic
  • We are still at early stage of understanding climate change implications for the economy and financial sector
  • We are not living the downside case that was contemplated
  • We could be back to the old economic peak fairly soon
  • There are a lot of reasons to be optimistic about the US economy
Powell finished his comments at 1:34 PM ET:
  • stocks are little changed from levels at the start of his speech. S&P is up around 6 points or 0.16%. The NASDAQ index is up 33 points or 0.25%
  • US yields moved higher with the 10 year trading at 1.110%, up 2.7 basis points. That's just off the high of 1.115%. The 30 year yield is at 1.85 8%, up 4.2 basis points. The high reached 1.8637%
  • Spot gold is trading up $7.05 or 0.38% $1852.56. The high price during the speech extended to $1857.56
  • The US dollar moved lower during the speech but recovered some of the declines in the last half.
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