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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

“Pace of improvement from May and June has moderated, not unexpected.”

“We have been concerned about downside risks, including disease spread and households will run through savings.”

“Coronavirus Aid, Relief, and Economic Security (CARES) act support was absolutely essential.”

“Further fiscal support is likely to be needed.”

“Fed will do what it needs to do with tools that we have.”

“Getting virus under control is critical to economy.”

“Fiscal policy can do what we can’t to replace lost incomes.”

“We can support financial stability, demand.”

“We will have a stronger recovery with more fiscal support.”

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.