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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

“Inflation has increased notably in recent months.”

“Inflation will likely remain elevated in coming months before moderating.”

“Seeing upward pressure from a rebound in spending.”

“Bottleneck effects putting upward pressure on inflation have been larger than anticipated.”

“As reopening continues shifts in demand can be large, rapid.”

“Process of the reopening economy is unprecedented.”

“Inflation could turn out to be higher and more persistent than we expect.”

“Longer-term inflation expectations appear broadly consistent with the Fed goal.”

“Would be prepared to adjust policy if inflation expectation moved too high.”

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.