The U.S. dollar held near one-week lows on Wednesday after U.S. Federal Reserve officials including Chair Jerome Powell reaffirmed tighter monetary policy was still some way off after a hawkish turn by the Fed last week caught markets off guard.

The dollar jumped and stocks swooned last week after the Fed surprised markets by signaling much earlier rate hikes than investors previously expected.

But policymakers have since then softened their stance with both Powell and New York Fed President John Williams warning the economic recovery requires more time before a tapering of stimulus and higher borrowing costs are appropriate.

“We will not raise interest rates pre-emptively because we fear the possible onset of inflation,” Powell said on Tuesday in a hearing before a U.S. House of Representatives panel. “We will wait for evidence of actual inflation or other imbalances.”

Their dovish comments cemented the dollar’s losses this week with the greenback shaving a third of its gains since last Wednesday.