Brief out: U.S. Fed Chair Powell’s Testimony Day 02; Dec 02, 2021

Brief out: U.S. Fed Chair Powell’s Testimony Day 02

The Testimony’s second day was remained calm and failed to bring market volatility to the FX markets. Still let’s have a look on key statements by Powell and Yellen both.

  • U.S. treasury Secretary Yellen – Consumer spending in the United States has been concentrated on goods, which has exacerbated supply chain issues significantly.
  • Fed’s Powell – Wages have moved up significantly.
  • Fed’s Powell – We don’t see them moving up at a troubling rate that would spark inflation.
  • Fed’s Powell – Risk of persistent higher inflation has clearly risen.
  • Fed’s Powell – Inflation is expected to fall in the second half of 2022, according to all forecasters.
  • Fed’s Powell – Policy has responded to inflation, and it will continue to do so.
  • Fed’s Powell – It is acceptable that we examine speeding up the taper at the next meeting in order to finish it sooner.
  • Fed’s Powell – Highly accommodative policy we have, even after taper, means it is appropriate we taper.

Now Traders eye U.S. NFP Job results due tomorrow for the further directions.

Take a look and do trade wisely!
Good Luck

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