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Feb 23, 2021
This is what Federal Reserve Chairman Jerome Powell told a Senate committee.
Powell says a resurgence in COVID cases, hospitalizations and deaths has caused great hardships for millions of Americans and affected economic activity and job creation. He explains the economic recovery remains uneven and far from complete as the path is highly uncertain.
According to Powell, the housing sector has more than fully recovered from the downturn while business investment and manufacturing production have also picked up.
Photo: Getty Images
Dovish commentary from Federal Reserve Chairman Jerome Powell and the impending provision of additional fiscal support will probably keep USD on the backfoot against its counterparts.
Powell Goes Easy on Surging Yields While Central Bank Peers Fret
Bloomberg 2/24/2021 Enda Curran, Matthew Boesler and John Ainger
(Bloomberg) The unprecedented $9 trillion rescue mission by central banks to haul the world economy from its coronavirus recession is being tested as rising bond yields and inflation bets threaten their ability to keep borrowing costs down.
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While Federal Reserve Chairman Jerome Powell this week called the recent run-up in bond yields “a statement of confidence” in the economic outlook, other counterparts are sounding less sanguine as their recoveries lag that of the U.S..
European Central Bank President Christine Lagarde said Monday that she and colleagues are “closely monitoring” government debt yields. The Bank of Korea warned it’ll intervene in the market if borrowing costs jump, Australia’s central bank has been forced to resume buying bonds to enforce its yield target and the Reserve Bank of New
After managing to barely snap their 5-day losing run on Tuesday, the benchmark indices look poised for a gap-up start in today s trade even as the global setup remained mixed. At 7.15 am, Nifty futures on the Singapore Exchange traded 94 points up at 14,808. In the overnight session, the Dow & S&P500 recouped early losses after Federal Reserve Chairman Jerome Powell signaled that the central bank was nowhere close to pulling back on its support for the pandemic-damaged US economy even as he voiced expectations for a return to more normal, improved activity later this year. Powell said that Fed would remain accommodative and would not change without advance warning.