Powell speech: History cautions against prematurely loosening policy

FOMC Chairman Jerome Powell said on Thursday that they need to act forthrightly and strongly on inflation, as reported by Reuters.

Additional takeaways

"We need to keep going until we get the job done."

"My message is the Fed has and accepts responsibility for price stability."

"Longer inflation remains above target, greater the risk."

"History cautions against prematurely loosening policy."

"We are strongly committed to bringing inflation down."

"We will not be influenced by political considerations."

"We focus solely on our mandate."

Market reaction

The dollar gathers strength against its rivals after these comments and the US Dollar Index was last seen rising 0.6% on the day at 110.20.