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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

“Economic recovery has exceeded baseline expectations so far but we are still a long way from our goals.”

“We think emergency lending facilities have served purposes well.”

“No decision on extending emergency facilities past December 31.”

“Decision will be made jointly with the Treasury Department.”

“Monetary policy is not out of ammo.”

“Fed is strongly committed to using tools for as long as needed, no one should have any doubt about that.”

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.