Following the Federal Open Market Committee's (FOMC) decision to lower the federal funds target rate by 25 basis points to 1.5% - 1.75% range, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press, with key quotes, via Reuters, found below.
"The Fed does not see any evidence that business investment will weaken further."
"The Fed now sees the effects of more accommodative monetary policy more clearly."
"The Fed's monetary policy framework review will be done every few years."
"It seems like there are the makings of a US-China trade deal."
"It is likely that the General Motors strike is likely to have subtracted a couple of tenths off GDP this quarter, but will rebound."
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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