Janet Yellen speech: Fed is not seriously considering adopting digital currency

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press after delivering her remarks on the policy outlook, with key quotes (via Reuters) found below.

Fed is not seriously considering adopting digital currency.

Could take longer period of very strong labor market for inflation to get back to 2 pct.

Powell has been part of Fed consensus approach to monetary policy.

Key notes

US Dollar Index drops to 1-week lows after Fed meeting.

The US Dollar dropped sharply after the FOMC decision to raise rates and it continued to slide during Yellen’s press conference. Equity prices remained near the top while US bond yields moved to the downside. Gold jumped, rising above $1,255/oz.

GBP/USD retakes 1.34 handle.

GBP/USD has extended the post-Fed rally to 1.3423 (10-day MA) possibly due to fears that a potential delay in the tax reform could force the Fed to go slow with the rate hikes.

About Janet Yellen

Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.