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
“Data we have suggests there are vaccination disparities between racial groups; that’s for fiscal authorities to work on.”
“Fiscal policy overall will have really helped us to avoid much of scarring we were concerned about.”
“Fiscal policy will accelerate return to max employment.”
“We have probably avoided the worst cases of scarring.”
“Over longer-term, we need investment in people’s skills.”
“We’re having diverging recoveries here as we did after the last crisis.”
“US recovery is leading the global recovery.”
“Fed’s objectives are domestic; we monitor developments abroad.”
“US demand will support global activity over time.”
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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