Following the Federal Open Market Committee’s (FOMC) decision to lower the federal funds target rate by 25 basis points to 1.5% – 1.75% range, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press, with key quotes, via Reuters, found below.
“Trade policy developments could bode well for business confidence.”
“The risk of a no-deal Brexit seems to have materially declined.”
“The US consumer is driving the growth.”
“The US consumer does not seem to have been affected so far by weakness in other sectors of the economy.”
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
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