Following the Federal Open Market Committee’s (FOMC) decision to lower the federal funds target rate by 25 basis points to 1.75% – 2% range, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press, with key quotes, via Reuters, found below.
“For the foreseeable future will look at doing temporary market operations to deal with liquidity crunches.”
“We do not think the liquidity coverage ratio is miscalibrated.”
“US trade policy is weighing on the economic outlook.”
“Fed needs to look through volatility and react to underlying economic conditions.”
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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