The dollar is weaker this morning following Federal Reserve Chair Jerome Powell’s testimony in front of Congress yesterday.
Powell said that the economy is still a “long way” from full health. He added that the Fed would maintain their loose monetary policy stance until “substantial further progress has been made”. However, he seemed unfazed by the recent rise in inflation expectations. Powell will continue his testimony today.
As well as Powell’s testimony today, the markets will continue to look out for progress on Biden’s stimulus bill, which could be passed along party lines on Friday or Saturday.
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