Fed President expresses confidence in the recovery, but sees no change in the current policy

The rise in bond yields is not worrying according to Jerome Powell as it reflects greater confidence in the US economic recovery. The surge in inflation will be temporary and the Fed has no reason to envisage ant policy change I the foreseeable future. Here are the main (unsurprising) messages of the Fed Chief’s testimony at the Senate yesterday. Bond yields and equities more or less stabilized, as well as the USD around 1.2150. The GBP keeps on strengthening, as confidence in the recovery is building after Boris Johnson unveiled his plan to bring back life to normal in the UK before summer. EUR/GBP is now trading below 0.86 and GBP/USD around 1.42.

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