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
“Fed is not even thinking about thinking about raising rates.”
“It is likely there will be a significant portion of people who are jobless even once the recovery takes hold.”
“The next few months will be very important in learning what the real story will be for the US economy.”
“Fed sees a full US economic recovery over time.”
“There will be an extended period though in which people will find it difficult to get work.”
“The risk over time is lasting damage to the productive capacity of the US.”
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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