Powell speech:

Additional comments from Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, cross the wires as he continues to speak at the Council on Foreign Relations in New York.

Powell said that the Fed does not target an exchange rate for the dollar and argued that fiscal policy could have great power in a downturn in the economy. Below are some key takeaways, as reported by Reuters.

"We are not looking at short-term movements in financial conditions or trying to provoke changes to them."

"Fed has to look through financial conditions to the underlying economy."

"Space is there to use quantitative easing again, if necessary; evidence largely shows that policy helped stimulate U.S. activity."

"Fed is at early stages of using big data to better understand economy; talking to big retailers, payroll, credit card companies about using their data."