The U.S. dollar rebounded after early weakness on Thursday, lifted by Federal Reserve Chairman Jerome Powell's announcement about a new strategy for meeting price stability and employment goals.
During his speech at the virtual Jackson Hole economic symposium, Powell said that the Fed will change its approach to a "flexible form of average inflation targeting." He stressed that the longer-run goal continues to be an inflation rate of 2% but noted inflation will average less than that if it runs below 2% following economic downturns and never moves about that level even when the economy is strong.
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