Fed’s Powell: Recent weak inflation readings are ‘surprising’
Following his prepared speech before the Committee on Banking, Housing, and Urban Affairs, Fed Governor and future Chairman Jerome Powell is responding to questions from committee members, with key quotes (via Reuters & LiveSquawk) found below.
We are watching carefully to see if low inflation is transitory.
The inflation path will impact our policy decisions.
We must achieve 2% inflation goal.
EUR/USD slides further below 1.1900 as USD strengthens.
The EUR/USD pair dropped back below 1.1900 and reached a fresh daily low at 1.1863. The slide took place amid a rally o the US Dollar particularly against European currencies. A move to the upside in EUR/GBP offered some support to the EUR/USD decline.
US Dollar advances beyond 93.00, 3-day tops.
The US Dollar Index (DXY), which tracks the greenback vs. a basket of its main rival currencies, has recovered the 93.00 handle and beyond, clinching at the same time fresh 3-day peaks.
About Jerome Powell (via federalreserve.gov)
Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. He was reappointed and sworn in on June 16, 2014, for a term ending January 31, 2028.
Prior to his appointment to the Board, Mr. Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 through 2005, Mr. Powell was a partner at The Carlyle Group.