Breaking: Fed’s Powell says economy a long way from goals, dollar edges lower

Jerome Powell, Chairman of the Federal Reserve, has said that the economy remains a long way from achieving its inflation and employment goals. His prepared remarks ahead of a testimony to Congress also acknowledge that the outlook has brightened. 

The US dollar is retreating from the highs and stocks are bouncing from the lows in the initial response. 

— more to come

FOMC Chairman Jerome Powell testimony before Senate Banking Committee – live stream

Earlier, the Conference Board’s Consumer Confidence gauge for February came out at 91.3 against 90 expected.