Breaking: Fed's Powell says there is no reason why expansion can't continue

While responding to questions from the audience following his prepared speech at an event organised by the National Association of Business Economists in Denver, Federal Open Market Committee (FOMC) Chairman Jerome Powell said that there was no reason why the monetary expansion could not continue.

With the initial market reaction, the US Dollar Index retreated from its session highs and was last up 0.16% on the day at 99.14.

"The Fed will use rate cuts, forward guidance, and QE as appropriate," Powell added. "The short-term yield curve control is something that is worth looking at."