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Following the Federal Open Market Committee’s (FOMC) shock decision to lower the federal funds by 50 basis points to 1%-1.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is discussing this decision in a press conference.

Key quotes

“Fed will act as appropriate to support the economy.”

“What changed in last week is have seen the fast spread of disease and saw risk to the economy.”

“Unclear how long this will last, but expects return to solid growth.”

“We are in active discussions with other central banks.”

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.