EUR/USD Powell's speech to Bloomberg ahead of his testimony
Powell to Bloomberg breaking news
Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases, while adding that inflation is likely to remain high in coming months before moderating.
“At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell said Wednesday in remarks prepared for delivery before the House Financial Services Committee. “While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue.”
The hearing to present the Fed’s semi-annual Monetary Policy Report to Congress is scheduled to begin at 12 p.m. Washington time. Powell addresses the Senate banking panel on Thursday.
U.S. central bankers are providing aggressive support by holding interest rates near zero and buying $120 billion of bonds a month, even as the economy shows strong growth. Job gains have been solid and inflation has jumped, though officials say that’s due to temporary supply glitches as the economy reopens from the pandemic.
What price action to expect ahead?
- THIS NEWS SHALL PUSH FOR A REVERSAL, MAYBE MOMENTUM NEEDS THE OFFICIAL STATEMENT IN THE TESTIMONY IF WILL NOT BE A BREAK ABOVE 1.1850 AHEAD OF THE TESTIMONY -
- CURRENT PRICE RANGE 1.1750 - 1.1950 -
- IF POWELL STICK TO THE EMPLOYMENT PLAN AND DELAY TAPERING OR MENTION THAT INFLATION IS TRANSITORY THEN PRICE RANGE WOULD BE 1.1950 - 1.1750, CONSIDERING FAKE OUTS THEN PRICE RANGE WOULD BE 1.1975 - 1.1730 -
- THIS OUTLOOK REMAINS ONLY TILL UPCOMING NEWS AND DATA THAT MAY CHANGE THE PRICE RANGE, SO I WILL UPDATE ACCORDINGLY -
Federal Reserve Chair Jerome Powell said the U.S. economic recovery still hasn’t progressed enough to begin scaling back the central bank’s massive monthly asset purchases, while adding that inflation is likely to remain high in coming months before moderating.
“At our June meeting, the committee discussed the economy’s progress toward our goals since we adopted our asset purchase guidance last December,” Powell said Wednesday in remarks prepared for delivery before the House Financial Services Committee. “While reaching the standard of ‘substantial further progress’ is still a ways off, participants expect that progress will continue.”
The hearing to present the Fed’s semi-annual Monetary Policy Report to Congress is scheduled to begin at 12 p.m. Washington time. Powell addresses the Senate banking panel on Thursday.
U.S. central bankers are providing aggressive support by holding interest rates near zero and buying $120 billion of bonds a month, even as the economy shows strong growth. Job gains have been solid and inflation has jumped, though officials say that’s due to temporary supply glitches as the economy reopens from the pandemic.
What price action to expect ahead?
- THIS NEWS SHALL PUSH FOR A REVERSAL, MAYBE MOMENTUM NEEDS THE OFFICIAL STATEMENT IN THE TESTIMONY IF WILL NOT BE A BREAK ABOVE 1.1850 AHEAD OF THE TESTIMONY -
- CURRENT PRICE RANGE 1.1750 - 1.1950 -
- IF POWELL STICK TO THE EMPLOYMENT PLAN AND DELAY TAPERING OR MENTION THAT INFLATION IS TRANSITORY THEN PRICE RANGE WOULD BE 1.1950 - 1.1750, CONSIDERING FAKE OUTS THEN PRICE RANGE WOULD BE 1.1975 - 1.1730 -
- THIS OUTLOOK REMAINS ONLY TILL UPCOMING NEWS AND DATA THAT MAY CHANGE THE PRICE RANGE, SO I WILL UPDATE ACCORDINGLY -