Following the Federal Open Market Committee’s (FOMC) decision to lower the federal funds target rate by 25 basis points to 2% – 2.25% range, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his remarks on the monetary policy outlook in a press conference, with key quotes, via Reuters, found below.
“Outlook for US economy remains favorable.”
“Rate cut to foster faster return of inflation to 2% target.”
“Weak global growth, trade policy uncertainty and muted inflation have concerned Fed.”
“Since June, Fed has seen positive and negative developments.”
“Foreign growth has disappointed particularly in euro area and China.”
“Trade policy tensions have returned to a simmer.”
“Global disinflationary pressures persist.”
“Continued below-target inflation could lead to downward slide in inflation expectations.”
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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