Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is now responding to questions from the press, with key quotes, found below.
“Expecting modest growth in the manufacturing sector.”
“Basis for positive economic outlook is consumer spending and business investment.”
“Transitory factors holding down inflation could be portfolio management, apparel prices, airfares.”
“Could look at the possibility of repo facility in upcoming meetings.”
“Not seeing any signs of overheating at the moment.”
Related articles
FOMC keeps the target for fed funds rate unchanged in 2.25% – 2.5% range.
Following its 2-day meeting, the Federal Open Market Committee announced that it kept the benchmark interest rate unchanged at the target range of 2.25% – 2.5% in a widely expected decision.
USD/JPY makes a sharp U-turn, turns positive above 111.50 on Powell remarks.
Following a drop toward the 111 handle with the initial reaction to the FOMC’s monetary policy statement, the USD/JPY pair reversed its direction in the last 30-minutes and gained more than 50 pips as Chairman Powell’s remarks helped the greenback gather strength. At the moment, the pair is up 0.16% on the day at 111.60.