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Jerome Powell, Chair of the Board of Governors of the Federal Reserve System,  is delivering his remarks on the monetary policy outlook, with key quotes (via Reuters) found below.

  • Benefits of stronger economy have not reached all Americans.
  • Gradual return to normal interest rates helping to sustain US economy.
  • Overall US growth outlook remains favourable, boosted by fiscal stimulus.
  • Overall financial conditions remain accommodative.
  • Fed expects inflation to remain near 2% on a sustained basis.

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

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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.