USDCAD is going to sell now
markets are expected to remain cautious on new variant news
Federal Reserve Chair Jerome Powell said the risks of persistent elevated inflation have “clearly risen” and monetary policy would evolve in response.
“Policy has adapted to that and will continue to adapt,” Powell told the House Financial Services Committee on Wednesday. “We’ve seen inflation be more persistent. We’ve seen the factors that are causing higher inflation to be more persistent.”
Powell on Tuesday told the Senate Banking Committee it would be “appropriate” to discuss whether the central bank should wind up its asset purchases at a faster pace given heightened inflation risks. He also said he wanted to retire the word “transitory” to describe price increases, and indeed in his written remarks, which were repeated to the House panel Wednesday, he said inflation pressures will “linger well into next year.”
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