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Dollar hits three-week high as remarks by Fed's Powell suggest less dovish bent 4:04pm EST [Reuters]

BANK of NEW YORK MELLON (BK)  More Company Research Source: Reuters
Last bank of new york mellon earnings: 7/19 06:30 am Check Earnings Report
PDF Dollar hits three-week high as remarks by Fed's Powell suggest less dovish bent | Reuters 3 Min Read NEW YORK (Reuters) - The dollar hit a three-week peak on Tuesday after Federal Reserve Chairman Jerome Powell’s remarks before U.S. lawmakers suggested a willingness to adopt a more hawkish stance if needed to prevent the economy from overheating, even as he said the central bank would stick with gradual interest rate increases. Powell, in his first public appearance since being sworn in as chairman earlier this month, pledged to “strike a balance” between the risk of an overheating economy and the need to keep growth on track. In response to a question after presenting his congressional testimony, Powell said that if the Fed got behind and the economy overheated, the central bank would have to raise rates faster. The dollar index, which measures the greenback against a basket of six other major currencies, has climbed 2.5 percent since hitting a three-year low more than a week ago. It [Read more]

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