Powell speech: QE taper will be well before rate hike

FOMC Chairman Jerome Powell is delivering his remarks on the economy and policy outlook at a virtual event organized by the Economic Club of Washington.

Key quotes

"Market should focus on outcomes, not the dot plot."

"It's highly unlikely we would raise rates before the end of 2022 but it really is outcome-based."

"QE taper will in all likelihood be well before we raise interest rates."

"I don't think we would ever sell bonds into the market."

Market reaction

The USD continues to weaken against its rivals during Powell's speech and the US Dollar Index was last seen losing 0.2% on a daily basis at 91.65.