Why the US Dollar was Undaunted by Powell’s Warning

The US dollar traded higher against most of the major currencies today, seemingly unfazed by weaker inflation data and dovish comments from Fed Chairman Jerome Powell. With stocks hitting record highs, the Biden Administration making progress on finalizing the stimulus deal and more Americans getting vaccinated, some Fed Presidents have been talking about earlier tapering. However Powell casted doubt on this scenario by saying that they will not tighten policy in response to strong labor data because a strong labor market is still very far away. In fact, he calls for rates to remain at current near zero level until … (full story)

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