US Fed chair Yellen in remarks scheduled for Congress later today 29 Nov

No mention of next Fed rate hike timing in the statement

  • the U.S. economy has strengthened further this year.
  • still regards weak inflation as transitory although acknowledges possibility it might me something more persistent
  • further job market strengthening to boost wage growth
  • expect gradual rate increases to sustain healthy labour market, stabilise inflation around 2%
  • changes to the target range for the federal funds rate will continue to be the Committee's primary means of adjusting the stance of monetary policy
  • We do not foresee a need to alter the balance sheet program, but, as we said in June, we would be prepared to resume reinvestments if a material deterioration in the economic outlook were to warrant a sizable reduction in the federal funds rate.
  • Of course, policy is not on a preset course; the appropriate path for the federal funds rate will depend on the economic outlook as informed by incoming data.

Full statement here

Yellen due to appear before Congress at 15.00 GMT

USD broadly making gains on the generally bullish comments on growth albeit with caution on inflation still. USDJPY up to 111.80 USDCHF 0.9860 EURUSD down to 1.1825 GBPUSD down to 1.3395