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 responding to questions from the press.
Key quotes
“Main Street facility will likely be shaped and expanded over time after it first opens.”
“Medium term risks means over next year or so, primarily length of time to control virus.”
“Medium term risks also involve potential damage to economy, workers, if levels of unemployment remain high for an extended time.”
“Damage could also be done if small businesses are harmed by unnecessary insolvencies.”
“Global dimension also poses risks that can weigh on US performance over time.”
“Economic activity will start to pick up as reopening begins but will take some time to get back to more normal levels of unemployment.”
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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