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
“Now is not the time to worry about debt, but use the great fiscal power of the US to avoid deeper damage to the economy.”
“Fed realizes urgency to get Main Street lending program up and running.”
“Breakdowns have been mostly in capital markets.”
“Size and force of shock will no doubt show weaknesses in financial architecture that will need to be addressed after the crisis.”
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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