In the early hours of this morning, Chairman of the Federal Reserve Jerome Powell delivered his latest thoughts on the US economy. The talk was more relaxed than usual with no mention of the interest rate policy which last week saw any hikes put on hold.
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Powell did suggest that the biggest challenge of the next decade will be income inequality and sluggish productivity. He alluded to the fact that one of the Federal Reserve’s main aims was to keep the participation level in the workforce as high as possible.
Furthermore, he suggested that wage growth at lower level jobs has not had the same boost as higher level jobs and any boom the economy experiences needs to be felt across the board.
President Donald Trump’s delayed State of the Union delivered in the early hours of yesterday morning was a contentious affair, however included some important updates.
The US are going to hold a second summit with the North Korean’s, with North Kim Jong Un and Trump expected to come to the table once again. There appears to be an appetite for both sides to come to some sort of peace deal but how far away we are from that is still to be seen.
The end of the week is a fairly quiet one on the data front from the US. Next week is a busier read with Inflation and Retail Sales Data expected on Thursday and Friday respectively.
The GBP/USD rate has once again fallen below the 1.30 level for the first time in 2 weeks. This could therefore be a good opportunity for those looking to sell US dollars to capitalise on the current rates.
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