Powell speech: Fed has no evidence for calling this a hot labor market

Additional comments from Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, continue to cross the wires as he responds to questions from members of the Congress at the semi-annual monetary policy testimony before the Committee on Financial Services. Below are some key takeaways, per Reuters.

"Fed does not want to get on a road to long periods of low inflation, such as in Japan."

"Consumer part of the U.S. economy is strong."

"U.S. economy's potential issues have more to do with business confidence, spending than consumers."

"Fed has been hearing that uncertainty is causing businesses to hold back on spending, investment."

"Fed sees the economy as being in a good place and is committed to using its tools to keep it there."

"Current levels of wage growth are not high enough to put upward pressure on inflation."

"Fed has no evidence for calling this a hot labor market."

The US Dollar Index struggles to pull away from daily lows following these comments and was last down 0.35% on the day at 97.17.