14 July 2021
Federal Reserve chairman today speaks on state of monetary policy.
Federal Reserve Board chairman Jerome Powell today will share with Congress his outlook on monetary policy as the United States economy continues to pull itself out of the economic doldrums imposed on it by the Covid-19 pandemic. Mr Powell will share his observation that as the American economy continues to move toward levels of pre-pandemic economic performance, it will climb through transitory periods of inflation. Increases in consumer prices may primarily be due to restraints on supply due in part to stressed supply chains.
Mr Powell will testify that the Federal Reserve is still focused on its long-term inflation goal of two percent. Mr Powell will also note that asset valuations are increasing which in turn is feeding risk appetite amongst investors. Mr Powell will also advise Congress that the Federal Reserve will continue to maintain its current policy of purchasing Treasury securities and agency mortgage-backed securities currently amounting to $120 billion per month until labor market and other economic factors such as stable prices improve.
Mr Powell’s semi-annual monetary policy report to Congress is submitted pursuant to Section 2B of the Federal Reserve Act. The monetary policy report did not go into any detail regarding international trade or exchange rates.
For a consultation on any regulatory or legislative discussions or announcements during today’s hearing, please reach out to us at email@example.com to reserve an appointment.
Exchange rates of interest as of 12:15 pm AST
|Currency pair||Exchange rate|
Rates reported by the Federal Reserve (Release Date 13 July 2021)
Effective Fed Funds Rate: 0.10%
Discount Window: 0.25%
Prime Bank Rate: 3.25%
3-month Treasury bill: 0.05%
6-month Treasury bill: 0.06%
1-year Treasury bill: 0.07%