Powell speech: Full effects of tightening yet to be felt

Federal Reserve Chairman Jerome Powell holds a news conference to explain why they have decided to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% meeting and responds to questions.

Key quotes

"We remain squarely focused on dual mandate."

"Stance of policy is restrictive."

"Full effects of tightening yet to be felt."

"Given how far we have come and amid uncertainty, we are moving carefully."

"We will make decisions on totality of data, balance of risks."

"Economy has expanded well above expectations."

"Labor market remains tight."

"Supply and demand conditions for labor continue to come into better balance."

"Job gains at a strong pace but less than earlier in the year."

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."