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Brief Out: Fed Chair Powell’s Testimony Day 01; Dec 01, 2021

Brief Out: Fed Chair Powell’s Testimony Day 01

U.S. dollar strengthened extremely against major peers after U.S. Fed Chiar Powell and Treasury Sec Yellen’s comments during Testimony’s day 01.

Key Comments to Keep In Mind to Decide Further Directions of the U.S. Dollar:

  • Powell – Expects policymakers in December to discuss accelerating the timetable for the tapering of monthly bond purchases.
  • Powell – Reducing the pace of monthly bond buys can move more quickly than the $15 billion a month schedule announced earlier this month.
  • Powell – Tapering could wrap up “a few months sooner” than anticipated. That would open the door to interest rate hikes thereafter.
  • Powell – For now Omicron is a risk, not baked into forecasts.
  • Powell – Not thinking the effects of Omicron will be remotely comparable to March 2020.
  • Powell – Within the next week to 10 days, we will know more about the omicron variant, from there we can assess it’s impact on the economy. It is a risk, but it’s not baked into forecasts.
  • Powell – The risk of persistently higher inflation has increased. we will use our tools to make sure higher inflation doesn’t become entrenched.
  • Powell – It will take longer to get labor force participation back.
  • Powell – It’s a good time to retire ‘transitory’ for inflation.
  • Powell – Our focus is on maximum employment and price stability.

Important to note here that world is getting worried over new virus variant but U.S. President Biden, Fed Chair Powell and Treasury Sec Yellen remained very calm throughout their public appearances. The fact is new Omicron spreads 10 times faster than Delta Variant and it actually needs precautionary meassures to take out as Global level.

Take a look and do trade wisely!
Good Luck

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