Following the Federal Open Market Committee’s (FOMC) decision to keep the federal funds unchanged within the target rate of 1.5% – 1.75%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his remarks on the policy outlook.
Key quotes (via Reuters)
“This year’s interest rate cuts have kept u.S. Economic outlook on track.”
“The current stance of monetary policy will likely remain appropriate as long as incoming data holds up.”
“Will respond accordingly to material changes in outlook.”
“Policy is not on a pre-set course.”
“Pressures in money markets in recent weeks have been subdued.”
“Fed stands ready to adjust repo operations to keep federal funds rate in range.”
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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