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
“Monetary policy should be for achieving macroeconomic aims.”
“This time around, the regulated part of the financial system held up very well.”
“Working now on other parts of the system that need strengthening.”
“The time when there was a tight connection between low unemployment and inflation is long gone.”
“We think we have the freedom to focus on achieving high levels of employment without worrying too much about inflation.”
“Expect to see faster job creation than saw in February.”
“Expect soon to see strong employment growth soon but substantial progress will take some time.”
“Substantial further progress test involves judgment.”
“Until we give a signal, you can assume we are not there yet.”
“It is not appropriate to start pointing at dates for possible QE taper.”
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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