White House: Fed Chairman's testimony shows President Biden's economic plan working

Following Fed Chairman Jerome Powell’s testimony in front of Congress, the US White House (WH) official crossed wires via Reuters.

The diplomat initially cited the last week’s upward revision to economic forecasts by the US Federal Reserve (Fed) before mentioning Powell as affirming President Joe Biden’s economic plan is working.

Key comments…

As you know, we do not comment on the Fed's monetary policy decisions but their updated forecasts last week reaffirm that President Biden's economic plan is working and that America is on the move again, and Chairman Powell reiterated this today in his congressional testimony.

Fx implications

Although market players paid a little heed to the WH comments, such updates strengthen the odds of Biden’s infrastructure spending plan that has been stuck of late. The same should help market sentiment. That said, the risk barometer AUD/USD remains sidelined around 0.7550 after two consecutive days of recovery from the yearly low.

Read: AUD/USD edges higher around 0.7550 on Jerome Powell-led optimism