Powell speech: Policymakers have grown more confident of strong economic outcomes

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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

“The statement language is evolving and will continue to evolve.”

“You can expect Fed to drag its feet a little bit on language in the┬ástatement regarding pandemic.”

“Clearly since March, Fed policymakers have grown more confident of strong economic outcomes.”

“In near-term, rise in inflation is related to reopening of economy.”

“By 2023, Fed view that inflation will be higher is related to high employment.”

“By 2023, those increases in inflation projections more reflect higher resource utilization by then.”

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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