Comments from Powell:
- Jobs and growth data has been a bit stronger than our expectations while inflation has been a bit weaker
- We suspect some transitory factors are at work with inflation at 1.5%
- Global financial conditions have eased
- Risks around outlook have diminished
- There are reports of progress in US-China trade talks
- Brexit risks have been pushed off for now
- China and Europe have shown some improvement
- IOER does not reflect any shift in stance of monetary policy
The US dollar has slumped because he's brushed off inflation worries. "Our baseline view remains that with a strong job market and continued growth, inflation will return to 2% over time."
