Fed's Brainard: Outlook is better than it was but still highly uncertain

Federal Reserve Governor Lael Brainard said on Tuesday that she has been encouraged by the strength in consumer spending and the rebound in the housing sector. "The outlook is better than it was but it's still highly uncertain and risks are tilted to the downside," Brainard added.

Additional quotes

"The low use of the Fed's lending facilities is a good sign; the Main Street Lending facility is important as an insurance policy."

"It is important for monetary policy to shift to accommodation."

"Reorientation of goals under the new Fed framework is key to the Fed's shift to accommodation."

"We continue to hope for a sustained improvement in the labour market."

Market reaction

The US Dollar Index largely ignored these remarks and was last seen gaining 0.16% on the day at 92.31.