Jerome Powell, Chairman of the Federal Reserve System, will be holding a news conference at 1600 GMT on Tuesday to discuss the FOMC’s decision to lower the policy rate by 50 basis points to 1%-1.25% range in an emergency move.
“The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity,” the Fed said in a statement earlier in the session. “In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided today to lower the target range for the federal funds rate.”
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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