Powell speech: Committee discussed how asset purchases might be changed

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

"Our new framework emphasises the importance of well-anchored inflation expectations, they appear broadly consistent with our goal."

"If the path of inflation move materially and persistently beyond the goal, Fed is prepared to adjust policy."

"Continued progress on vaccinations would support the return to more normal economic conditions."

"Fed continued to assess progress toward taper goals and considered pace and composition of taper when it begins."

"Committee discussed how asset purchases might be changed."

"Fed expects the economy will continue to move towards substantial further progress."

"Timing of taper will depend on incoming data."

"Will provide advance notice before any change."

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.