Following the Federal Open Market Committee’s (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.
Key quotes
“There are still 10 million people who need to get back to work – will take some time for that.”
“It’s not going to happen overnight.”
“No matter how well the economy performs, unemployment will take a while to go down.”
“Realistically, given the numbers, it will take some time to get people back to work.”
“It is important that financial conditions remain accommodative so we can achieve goals.”
“Would be concerned by disorderly conditions in markets, or tightening that threatens achievement of goals.”
“We think our current policy stance is appropriate.”
“We see disparities in labor market as showing slack.”
“We are going to look at racial disparities as a form of labor market slack.”
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.
Share
