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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

“Climate change risks tend to be longer-term, but longer-term does arrive.”

“No decisions on extending emergency lending facilities beyond December 31.”

“Tail risks have subsided.”

“We make policy from risk management standpoint.”

“Would not say anyone is feeling comfortable about this.”

“We have to be humble about where we are on this.”

“COVID has not gone away. We are very far from saying we have eliminated tail risk.”

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.