Greenback rallying and Treasury futures under...>

FED: Greenback rallying and Treasury futures under pressure as Powell's presser

concludes opening statement and shifts to Q&A. Key points: 

- 'Strongly committed to symmetric inflation objective', cites core being close

to 2% late last year, but cites 'transitory factors at work' with slip in core

in March

- External risks have moderated, FOMC views these (plus econ / inflation

conditions) as consistent with continued patience

- Preliminary discussion of L-T composition of SOMA. Portfolio now weighted to

longer-term securities; now have to decide what should be in future. Plan to

return to maturity composition question toward end of the year. No pressing need

to resolve, will give plenty of notice

- IOER adjustment does not reflect change in mon pol stance (Not a surprise!)