Powell speech: Fed stands ready to do more to aid recovery if more needs to be done

The Federal Reserve stands ready to do more to aid the economic recovery if more needs to be done, Jerome Powell, Chairman of the Federal Reserve System, said while testifying before House Financial Services Committee on Wednesday.

"Current high savings rate in the US shows there is a lot of spending power, which bodes well for the next few months," Powell added. "It will be a while before the Fed starts thinking about shrinking its balance sheet."

Market reaction

The US Dollar Index largely ignored these comments and was last seen gaining 0.08% on the day at 97.11.