Following the Federal Open Market Committee’s (FOMC) decision to keep the federal funds unchanged within the target rate of 1.5% – 1.75%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press.
Key quotes (via Reuters)
“Fed does see asset prices as being somewhat elevated.”
“It is a good time to update community reinvestment act rules.”
Fed worked very hard to get on same page as other agencies, still holds out hope for uniform rule.”
“Fed has yet to decide what it will do on next steps for community reinvestment act rewrite.”
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.”