Powell speech: Will be able to see impact of coronavirus in economic data fairly soon

"We will be able to see the impact of the coronavirus outbreak in the economic data fairly soon," Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, said while testifying before the Senate Banking Committee in Washington on Wednesday.

"There is more upside to the US labor participation rate," Powell added. "There's nothing about the current US economy that is out of kilter or unbalanced."

When asked about climate risks, Powell noted that they are closely monitoring the Bank of Englands study on that matter.

USD reaction

The greenback's reaction has been largely muted to Powell's remarks and the US Dollar Index was last seen adding 0.12% on the day at 98.86.

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.