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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

“There are small businesses all over the country that are just hanging on.”

“We are going to continue to support the economy for quite a period of time.”

“It will be a while before we are back to labor market we had early this year.”

“It is possible to reach herd immunity sometime mid-to-late next year.”

“Sometime in middle, the second half of 2021, US may reach herd immunity.”

“There are significant global disinflationary pressures.”

“Even with very high level of accommodation through rates and asset purchases, it will take some time to get inflation up.”

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.