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 found below.
- Data since September shows slower than expected growth.
- Growth has slowed notably in Europe and China.
- Limited data for this year has been mixed.
- Average monthly job growth appears to have stepped down.
- Many other labor market indicators show strength.
- Weak retail sales points to slower spending.
FOMC keeps benchmark interest rate unchanged at 2.25% – 2.5% range, sees no rate hikes this year.
Following its 2-day meeting, the Federal Open Market Committee announced that it left the benchmark interest rate unchanged at the target range of 2% – 2.25% in a widely expected decision.
USD/JPY tumbles below 111.00 after FOMC meeting.
The USD/JPY pair lost more than 50 pips in the minutes after the Federal Reserve released its statement, the summary of economic projections and an announcement regarding the balance sheet.
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.