Fed's Jefferson: Happy to keep Fed Funds on hold at current rate

Federal Reserve Vice Chair Philip Jefferson said on Thursday that he is happy to keep the Fed Funds on hold at the current level, adding that he will wait to see the net effect of Trump policies.

Key quotes

Waits to see net effect of Trump policies. 

Examining overall impact of Trump administration on policy goals needed. 

Opts to maintain current interest rates for the time being. 

Content with current policy level until totality of impacts better understood.  

Sees Fed's ability to be patient with the economy in a good place.  

Fed's rate still restrictive even with 100 bp drop. 

Policy rate remains restrictive for the economy. 

Market reaction

The US Dollar Index (DXY) is trading unchanged on the day at 107.60, as of writing.