Comments from the Fed Governor:
- Timing of interest rate liftoff depends on realized progress towards maximum employment and 2% inflation
- Changes in Fed's policy rate after liftoff 'likely to be only gradual'
- Near-term economic outlook challenging but additional fiscal support welcome
- Economy 'remains far from our goals', sees loss of momentum in Q4
- Inflation may temporarily rise above 2% in a few months but need to see sustained improvement
- Sees some upside risks if vaccines trigger globally synchronized expansion
- Too early to say how long it will take to reach Fed goals but 'it will take time'
- Expects current pace of asset purchases to remain appropriate for 'quite some time'
There are few hints here on anything. These headlines hit at the same time as a strong 20-year bond sale and both are weighing on the dollar.
