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- Breaking: Powell’s prepared remarks send dollar down
Breaking: Powell's prepared remarks send dollar down
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Loading...Fed Chair Jerome Powell will tell lawmakers that uncertainties since the June FOMC meeting continue to dim the economic outlook. In this prepared remarks, the Fed says that it appears that concerns about the global economy will continue weighing on the domestic one and that the Fed will act as appropriate to sustain US economic growth.
He also notes that there is a risk that weak inflation will be persistent – more than the Fed currently anticipates. Housing and manufacturing have likely dipped again in the second quarter. Moreover, investments seem to have notably slowed down.
He still sees the labor market as strong and as staying as such and adds that the economy has mostly performed well. The baseline outlook remains for solid growth and a robust labor market.
The remarks are mostly dovish, starting with the dim outlook and continuing with the warning about low inflation.
Trader Milko Zashev Read more:
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