Powell speech: Fiscal actions taken thus far have made critical difference

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

"We expect to maintain asset purchases at least at the current pace."

"Fed is prepared to adjust monetary stance as appropriate if risks emerge that will impede its goals."

"Emergency tools will go back in toolbox after the crisis has passed."

"Fiscal actions taken thus far have made critical difference."

"Direct fiscal support may be needed and it will take a while to get back to levels of economic activity and employment that prevailed before the pandemic."

"May take continued support from both monetary and fiscal policy to achieve a full recovery."

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.