Fed's Powell: Will be announcing something fairly soon on balance sheet plan

In his second day of testimony before the Committee on Banking, Housing, and Urban Affairs, FOMC Chairman Jerome Powell said that they will be announcing something fairly soon on the balance sheet plan and explained that the size of the balance sheet would be driven by demand for liabilities. Furthermore, Powell reiterated that the Fed would stay patient and would continue to watch the economy evolve.

With the initial market reaction, the greenback weakened modestly against its rivals and the US Dollar Index was last down 0.06% on the day at 95.98.