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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)

“Reserve levels will have to be at a level high enough to remain ample; $1.5 trillion will be bottom end of the range.”

“I expect reserve fluctuation particularly around tax season.”

“Fed will provide more details and will keep the process a smooth one.”

“I expect to reach targeted reserve level sometime in the second quarter.”

“Fed’s intention is just to raise the level of reserve, that is our sole intention.”

“Hard to say at any time what is affecting financial markets.”

About Jerome Powell (via

“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.”