Powell speech: Strong hiring all by itself would not be a reason to hold off on rate cuts
|Federal Reserve Chairman Jerome Powell explains the decision to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% and responds to questions in the post-meeting press conference.
Key quotes
"If we are getting a lot of supply and demand, you could potentially have a bigger economy where inflation pressures are not increasing."
"Strong hiring all by itself would not be a reason to hold off on rate cuts."
"Strong job growth is not a reason for us to be concerned about inflation."
"Ultimately, we do think financial conditions are weighing on economic activity."
About Jerome Powell (via Federalreserve.gov)
"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. 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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