Jerome Powell speech: Fed funds rate is still below the longer-run neutral rate of every single participant

Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is now responding to questions from the press, with key quotes (via Reuters) found below.

  • The Fed funds rate is still below the longer-run neutral rate of every single participant.
  • Thinks the monetary policy is still accommodative.
  • Fed does not want to suggest it has precise understanding of where accommodative policy stops.

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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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