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.
