Following the Federal Open Market Committee’s (FOMC) decision to lower the federal funds target rate by 25 basis points to 2% – 2.25% range, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press with key quotes, via Reuters, found below.
“Notable valuation pressures seen in some markets.”
“Overall financial stability vulnerabilities are moderate.”
“Did not say today’s rate cut will be a cycle of ‘just one’ rate cut”
“Biggest effect of trade tensions, tariffs on economy is through business confidence channel.”
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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