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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

“The case for fiscal policy is very strong, widely understood.”

“There is a need for households and businesses to have fiscal support.”

“This spike is so much larger, do think this will suppress the activity.”

“We had overestimated the effects of previous spikes on the economy, this one is larger though.”

“Don’t know how big an effect it will have.”

“Q1 will show significant effects.”

About Jerome Powell (via

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.