Fed Chief Says U.S. Labor Market Is Recovering Fast

Federal Reserve Chairman Jerome Powell said at a hearing on the Senate re-election nomination that the U.S. labor market is recovering rapidly, the economy no longer needs a highly accommodative monetary policy, and it is time for the Federal Reserve to withdraw from the emergency support measures for the new crown epidemic. Although there is still a long way to go before we get rid of the new crown epidemic, and inflationary pressure may continue until the middle of this year, emphasizing that high inflation will cause losses, but the bureau is confident in maintaining price stability, and will achieve policy normalization in 2022, and 3 End the asset purchase program at the end of the month, and may allow the size of the balance sheet to be reduced by the end of the year. Although Powell's remarks are hawkish, the market has already digested it to a certain extent. With the elimination of uncertainties, the demand for the US dollar as a safe-haven has not increased but declined.