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Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, said on Friday that he thinks it is the time to start reducing asset purchases but added it’s not time to raise interest rates yet.
Main Quotes:
“Risks are clearly to longer, more persistent bottlenecks, and thus to higher inflation”, Powell added.
“Our policy is well-positioned to manage a range of outcomes.”
“We need to watch carefully to see whether the economy is evolving with our expectations and adapt accordingly.”
Market reactions included pushing the US Dollar Index slightly higher after these comments and it was last seen losing 0.07% on the day at 93.68.
Federal Reserve Chairman Jerome Powell spoke Friday to the Virtual Bank for International Settlements’ South African Reserve Bank Centenary Conference. The format is a question and answer session with the central bank chief.
