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FOMC Chairman Jerome Powell is delivering his comments on the US economy and the policy outlook at the Wall Street Journal Jobs summit.

Key takeaways

“We won’t raise interest rates to cool economy just because employment gets high.”

“The Fed is committed to getting back to a strong labor market.”

“High inflation is a very bad state of affairs; the Fed won’t allow it to happen again.”

“In the next year or so, more likely prices will move up, but not stay up, and certainly not enough to move inflation expectations above 2%.”

“We are committed to staying on the playing field with our tools until the job is really done.”

“It’s good to be where we are relative to what we expected a year ago right now.”

“If we can end the pandemic, can get back to normal and avoid long-term damage.”

“Next couple of months will be very important on the pandemic.”