Powell speech: We do have a long way to go on recovery

Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is testifying before the US Senate Committee on Banking, Housing, and Urban Affairs.

Key quotes

"The US economy has performed better than expected."

"We do have a long way to go on recovery."

"The lion's share of or recovery should go to fiscal policy."

"In the near term, there are a lot of small businesses in danger of going out of business this winter."

"In the medium term, there is upside risk."

"There are parts of the economy that will need, might need, help to get to the other side of the pandemic."

Market reaction

The US Dollar Index extended its slide and touched its lowest level since April 2018 at 91.40. As of writing, the index was down 0.5% on the day at 91.42.