If there was any doubt that Federal Reserve Chairman's comments, delivered virtually at the Jackson Hole symposium on Friday, were being interpreted as...
If there was any doubt that Federal Reserve Chairman Jerome Powell’s comments, delivered virtually at the Jackson Hole symposium on Friday, were being interpreted as dovish, the dollar’s reaction should clear up any questions.
On Friday, Fed Chairman Jerome Powell said that he advocates a 2021 start to tapering the central bank’s bond purchases implemented during the worst of the financial market disruptions in 2020, but said he doesn’t foresee the central bank raising benchmark interest rates, which currently stand at a range between 0% and 0.25%, soon.
“Given Powell’s ongoing emphasis on the labor market, the next few nonfarm payroll employment reports, including next Friday’s, will be particularly significant in determining the timing and pace of the central bank’s tapering plans,” Weller wrote.
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