Here's what came through the wires whilst Clarida was on Bloomberg about an hour ago...
13:19:25 FED’S CLARIDA: ECONOMY MADE A LOT OF PROGRESS BUT STILL IN A DEEP HOLE GIVEN HIGH JOBLESSNESS, RISKS TO SMALL FIRMS
13:17:00 FED'S CLARIDA: ECONOMY RECOVERING ROBUSTLY BUT WE STILL IN DEEP HOLE
13:14:13 FED'S CLARIDA: ECONOMY HAS MADE PROGRESS BUT 11M STILL OUT OF WORK
13:13:44 FED'S CLARIDA: DO THINK ADDITIONAL FISCAL POLICY WILL BE NEEDED
13:13:18 FED’S CLARIDA: US SHOULD SEE A "PRETTY IMPRESSIVE" RETURN OF LOW UNEMPLOYMENT, INFLATION AT TARGET WITHIN THREE YEARS, MUCH SHORTER THAN FOLLOWING LAST RECESSION
13:13:11 FED’S CLARIDA: POLICY TO AIM FOR A MODERATE OVERSHOOT OF INFLATION
13:13:08FED’S CLARIDA: US NEEDS TO SPEND SOME TIME WITH INFLATION ABOVE 2% TO OFFSET TIME SPEND BELOW IT
13:11:57 FED'S CLARIDA: LET'S NOT FORGET THE DEEP HOLE VIRUS HAS PUT US IN || FINANCIAL STABILITY IS AN IMPORTANT CONSIDERATION
Not sure what the point is of bringing these guys out when the stance has already been mentioned by the big man, Jerome.
I am in favour of Clarida's mentioning of more fiscal stimulus, though, since it backs up my point of policy makers being scared about the economy turning cold turkey without it...
That addiction to liquidity.
Yields remained totally unmoved.
To note on EURUSD, Unicredit said this earlier this morning.
Admittedly, early tests below 1.17 are not a good signal on charts, not least because they may trigger a further sell-off with 1.14 as a potential target.
They were long, by the way, expecting 1.28.
Little afternoon update for you, with more chatter from Powell at 3pm.