USD/JPY Price Analysis: Retraces below 136.00 as bulls take a breather

Thank you, Dr. Robinson-Cooper, for that introduction. And thank you to the culinary students for our fabulous meal and to members of the community for turning out. Thanks also to the students I got to meet with in the respiratory therapy lab and the communication, entrepreneurship, and business administration programs. What an impressive group! And let me give a special thanks to Chris Murphy for his help in setting up this visit to Ivy Tech as well as the tour of the operations at Jayco this morning. Chris is on the board of directors of the Chicago Fed and a mainstay of the community here in the region. Now, I know perfectly well that some of you are only here because your instructor told you to come. I used to hate stuff like that when I was a student, so I will try not to overstay my welcome. I am going to tell you about who we are and why I came here to Northeast Indiana for my very first speech as president of the Chicago Fed. Let me get the required part out up front: These are my own views and not necessarily those of others on the Federal Open Market Committee or in the Federal Reserve System. If you came here wondering about the Fed’s role, you aren’t alone. In recent polling, a big majority of Americans say they have heard of the Fed, but they don’t know what it does.1 But that hasn’t stopped folks from judging how we are doing. A recent Gallup poll says that only 37 percent think the Fed is doing a good job—just 3 points better than the IRS.2 Since I’ve become president, lots of folks have told me why: Some people are upset about inflation outstripping their wages, some about all the disruptions caused by the pandemic and the supply shortages making it harder for businesses to grow, others about the risk of unemployment creeping up and the danger that the economy might be headed for a recession. Even if they don’t know what, exactly, the Fed does, they know that they want it to fix things that feel broken. tweet at 2:33pm: Fed’s Goolsbee: Would Be A 'Mistake' To Rely Too Heavily On Market Reactions For Guidance On MonPol Path - Need 'On-The-Ground' Data On Real Economy To Make Best Policy Decisions