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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 in the job market has moderated.”

“Will not lose sight of millions out of work.”

“Economic dislocation has upended lives, created uncertainty.”

“Prices are particularly soft for sectors most affected by pandemic.”

“Inflation remains below 2% objective.”

“Outlook for economy is extraordinarily uncertain.”

“Recent rise in COVID cases both in US and abroad particularly concerning.”

“Full economic recovery unlikely until people are confident it’s safe to reengage in a broad range of activities.”

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.