Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.
Key quotes
"Policy will remain accommodative even after the Fed lifts off on rates."
"Don't know the connection between asset prices and financial stability is tight but Fed will continue to monitor risks."
"The labour market has been recovering but is a long way from maximum employment."
"Overall picture is clear but the labor market is a long way from recovering."
"If you add back people who are out of the labour force, the unemployment rate would be 3 points higher than it is now."
"There's a lot to like about a tight job market especially when there is little inflation."
"Fed would like to get back to a strong labour market where wages are moving up, labour force participation is moving up and inflation is performing with its framework."
"We believe we can have quite low unemployment without raising troubling inflation."
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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