(Reuters) – A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday as he began the first of two days of hearings before U.S. lawmakers.
FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies before the House Financial Services Committee during a hearing featuring the semi-annual Monetary Policy Report, on Capitol Hill in Washington, U.S., February 11, 2020. REUTERS/Leah Millis
Story:
MARKET REACTION:
STOCKS: The S&P 500 .SPX initially extended gains then slipped back to stand 1.42% firmer
BONDS: U.S. Treasury yields firmed then slipped; 2s US2YT=RR last at 0.1951%; 10s US10YT=RR at 0.7364%
FOREX: The U.S. dollar index .DXY extended gains as was about 0.64% higher
COMMENTS:
ANDREW RICHMAN, DIRECTOR OF FIXED INCOME STRATEGIES, TRUIST/SUNTRUST ADVISORY SERVICES, JUPITER, FLORIDA
“They’re reemphasizing that they stand…
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