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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)

“Change in inflation language in policy statement reflects the need for clear signal Fed does not want inflation persistently below 2%.”

“Fed is not satisfied with inflation running below 2% and it is not a ceiling.”

“Fed will know when adjustments have run course when reserves are durably at a sustainable level.”

“Fed will raise the minimum bid rate at some point.”

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.”