Powell speech: Recovery is slowing and remains uneven

The economic recovery in the US is slowing and remains uneven, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, said on Tuesday, as reported by Reuters.

Additional takeaways

"Concerned that people will lose confidence, some signs already of people pulling back."

"Vaccine news is certainly good but even in the best case widespread vaccination is months in the future."

"US will be returning to a different economy, people once employed in the service sector may need help transitioning."

"So far, both monetary and fiscal policy have been deployed aggressively."

"Likely economy will continue to need support from both monetary and fiscal policy."

"US will need a return to debt sustainability issues later."

"Time not right yet to put away Fed emergency tools."

Market reaction

The US Dollar Index showed no immediate reaction to these comments and was last seen losing 0.23% on the day at 92.43.