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Dollar Sent Sliding On Dovish Comments

The US Dollar was pushed lower still this week as recent comments from Fed chair Powell weighed on investor sentiment. Yesterday at the Senate banking committee, the Fed chair told lawmakers that the Fed is in “no rush” to lift policy rates further.

Powell stated that the Fed is dealing with “conflicting signals” in the economy. These include weak readings in retail sales and other areas, alongside positive readings from the labor market.

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Expanding on this, Powell explained:
“We have the makings of a good outlook and our (rate-setting) committee is really monitoring the crosscurrents, the risks, and for now we are going to be patient with our policy and allow things to take time to clarify.”

Regarding risks, the Fed chair noted the growing threat from a global slowdown, which the Fed believes the US economy “may feel more of in the coming months.”

These comments echo those contained in the recent FOMC ...

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