Daily Management Review

Fed: US dollar remains strong reserve currency


The dollar remains a "hard currency" and will remain a reserve currency in the long term, Fed Chairman Jerome Powell said at a hearing in the US House of Representatives.

Tris T7
Tris T7
"The US dollar is a hard currency," Powell said in response to questions from congressmen. He said that while "inflation is certainly too high", "in the long run the US dollar remains the best currency".

"As long as we follow the law, keep inflation low and predictable, we will remain the reserve currency," the Fed chief said confidently.

Earlier in the hearing he said he planned to recommend a 0.25% interest rate hike at the upcoming meeting in a fortnight' time.

source: cnn.com