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- Powell speech: Overall data on labor market shows it is extremely tight
Powell speech: Overall data on labor market shows it is extremely tight
FOMC Chairman Jerome Powell testifies on the Semi-annual Monetary Policy Report before the US Senate Banking Committee.
Key quotes
"We don't think we need to see a sharp rise in unemployment to get inflation under control."
"We are not targeting a higher unemployment rate."
"4.5% unemployment rate is still well better than most times historically."
"No obvious candidate that could replace dollar as world's reserve currency."
"Size of corporate profits can affect the inflation rate."
"Without large increase in productivity you would not be able to sustain high wage inflation over the longer term but could in short term."
"Some softening in labor market will need to happen to get inflation under control."
"Overall data on labor market shows it is extremely tight and contributing to inflation."
"What we are seeing in economy is mostly about supply chain problems and blockages."
"When that gets fixed, corporate profit margins will come down."
Market reaction
The US Dollar's bullish rally remains intact with the US Dollar Index rising more than 1% on the day at 105.40 following these comments.
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