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.
“Higher inflation coming from higher prices in sectors affected by reopening, which will reverse over time.”
“We think we’ll be seeing some reversal in some of the price increases, the timing of that reversal is uncertain.”
“Over time, seems likely that things driving up inflation will be temporary.”
“We expect to see increases in supply over coming months and inflation to move down.”
“Fed forecasts for inflation in 2023 are consistent with our goals.”
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.