EUR/USD Price Analysis: Approaches 1.0770 support within weekly bullish channel

tweet at 5:34pm: FED'S LOGAN: ACHIEVING PRICE STABILITY WILL REQUIRE LABOR MARKET LOOSENING, HOW MUCH IS HIGHLY UNCERTAIN - https://t.co/wXVagA44VK tweet at 5:35pm: FED'S LOGAN: HISTORICALLY, RISING UNEMPLOYMENT RATES PRECEDE RECESSIONS, BUT THIS TIME MAY BE DIFFERENT. tweet at 5:41pm: FED'S LOGAN: ONCE RATES ARE NO LONGER RAISED, RISKS WILL REMAIN TWO-SIDED; RATES MAY NEED TO BE RAISED AGAIN DEPENDING ON DATA. tweet at 5:52pm: FED'S LOGAN: THE DECISION ON BALANCE SHEET REDUCTIONS WON'T COINCIDE WITH DECISION ON FED POLICY RATE.

Thank you, Dean [Lillian] Mills, for the kind introduction and the warm welcome to the University of Texas. The Federal Open Market Committee (FOMC) has been tightening monetary policy for the past year to bring inflation back to our 2 percent target. One of the questions I’m asked most often is: How much more will we do? More specifically, how high will we raise interest rates? Or, as my family used to ask on our road trips back home to Kentucky: Are we there yet? Those of you who have taken family road trips know that, sometimes, the best way to handle this question is not to answer it. The same is true today in monetary policy. Just as I was committed to completing those long drives, the FOMC is committed to reaching our goal of restoring price stability. But considering the uncertainties we face, I don’t find it particularly helpful at this time to lock in on a peak rate or the precise path rates will follow. Rather, we need to keep our eyes on the economic and financial outlook and lay out a strategy that is both flexible and robust so we are best positioned to achieve our goals however the outlook evolves. I’ll start today’s journey by discussing inflation: where we are today and the outlook from here. I’ll then turn to the outlook for the second, equally important, component of the FOMC’s monetary policy mandate: maximum employment. Finally, I’ll discuss financial conditions and what I see as a flexible and robust monetary policy response. As always, these views are mine and not necessarily those of my FOMC colleagues. tweet at 5:07pm: FED'S LOGAN SUPPORTS SLOWER RATE HIKE PACE, POSSIBLY HIGHER STOPPING POINT - Full story via Reuters at https://t.co/6uporjTqlu tweet at 5:14pm: FED'S LOGAN: THE FOMC IS COMMITTED TO ACHIEVING PRICE STABILITY, BUT INFLATION IS TOO HIGH. tweet at 5:16pm: FED'S LOGAN: ELEVATED SERVICES INFLATION IS A SIGN OF AN OVERHEATED ECONOMY AND A TIGHT LABOR MARKET.

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