Fed's Brainard: Fed will remain patient on monetary policy

With regards to any possible adjustments to its monetary policy, the Federal Reserve will remain patient, Federal Reserve Governor Lael Brainard said on Tuesday, as reported by Reuters.

Additional takeaways

"Seeing a strong modal outlook for US economy in 2021."

"Coronavirus vaccines, fiscal spending all point to steady economic improvement."

"Fed is focused on realized progress towards inflation and employment goals."

"Expected price hikes in spring likely to be transitory, not reflect the sort of persistent move in inflation the Fed is seeking."

"Job market repair needs to move beyond headline unemployment rate, be broad-based and inclusive of those hardest hit by the pandemic recession."

Market reaction

The greenback remains on the back foot following these comments and the US Dollar Index was last seen losing 0.28% on the day at 90.78.