Powell says US Fed to remain alert to financial stability risks

15 Febrero, 2018, 05:01 | Author: Arnold Perez
  • LPL Research

The dollar retreated on Tuesday as global equity markets showed some signs of stability after their recent rout, reviving risk appetite that has fuelled bets against the US currency on prospects of its narrowing interest rate advantage.

Powell was official sworn in on February 5, succeeding Janet Yellen on the expiration of her term.

A lawyer with a background in finance and banking, Powell is the first non-economist to helm the Fed since the 1970s.

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For whatever reason, Bloomberg went with the "remain alert to any financial stability risks" as the top headline and that makes it sounds like the Fed will stay dovish if stocks fall. Buying the euro was one of the popular trades earlier this year on the view that the European Central Bank will scale back its stimulus later this year on the back of a strong recovery in the euro zone economy.

The comments were his first in public since financial markets last week suffered their most severe bout of volatility in years on concern that rising wages might spur inflation and prod the Fed to raise interest rates faster.

Nominated by President Donald Trump in November and confirmed by the Senate last month with broad bipartisan support, Powell stressed the Fed would "preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible".

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