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Jerome Powell, Chair of the Board of Governors of the Federal Reserve System,  is now responding to questions from the press, with key quotes (via Reuters) found below.

  • If inflation surprises to the upside, we may need to raise rates faster but we don’t see that.
  • It’s  a ‘particularly bright moment’ for US economy.
  • Hopes Fed will be marking up estimates of potential US growth.
  • Difficult to know ‘what end effects’ of fiscal policy will be in 2020.

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FOMC raises the target for Fed funds rate by 25bp to 2.00-2.25%.

Following its 2-day meeting, the Federal Open Market Committee announced that it would hike the benchmark interest rate by 25 basis points to the target range of 2% – 2.25% in a widely expected decision.

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.