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.
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Exchange rates of interest as of 12:15 pm AST
Sources: *Reuters +OANDA
Rates reported by the Federal Reserve (Release Date 13 July 2021)
U.S. House considers increasing dollar amount of pandemic relief payments to taxpayers
The U.S. House of Representatives is, at the time of this writing, considering a vote to increase the amount of pandemic relief to individual taxpayers from the current $600 to $2,000. President Trump and House Democrats are aligned on this issue, but the increase is expected to face considerable push back in the Republican controlled U.S. Senate. Mr Trump argued yesterday that the pandemic relief passed by Congress over the weekend contained unnecessary spending and argued that these funds be reallocated to American taxpayers.
Yesterday, President Donald J Trump reluctantly signed into law a $900 billion pandemic relief package with a core provision of a $600 payment to eligible taxpayers. Mr Trump advocated for increasing the payout from $600 to $2,000 for eligible taxpayer. In his statement Mr Trump promised to continue his fight for the increase as the Democratic-controlled House is expected to vote today on increasing the amount. Resistance to an increase is expected in the Republican-controlled Senate.
Reuters reporting that the United States Senate has passed a $900 billion coronavirus relief package which includes a one-time $600 payment to eligible American taxpayers. President Donald Trump is expected to sign the legislation later today.