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Feb 26 - 05:00 PM
USD: Fed's Powell Testimony Didn't Add Much; Fed Sees 'Patience As A Virtue' For Now - CIBC
First appeared on eFXplus on Feb 26 - 10:26 AM

CIBC Research discusses its reaction to today's Fed Powell semi-annual congressional testimony.

"Powell's testimony didn't add much to what we already knew: the Fed sees patience as a virtue right now. Some might note that in describing the economic news as having "cross-currents", the weak spots and risks he stressed were abroad rather than on the home front, despite the fact that the most recent data included a decidedly weak picture for retail activity at the end of 2018. While some see the Fed outlook as neutral, we still see a slightly hawkish tilt given Powell's emphasis on the healthy status and favorable outlook for the US economy," CIBC notes. 

"Still, nothing in this to alter our view that the Fed will be on hold through the first half of the year. Q&A is less likely to become testy now that the Fed is no longer as hawkish," CIBC adds. 

Source:
CIBC Research/Market Commentary

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