Powell speech: Ongoing increases in interest rates will be appropriate

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks on the monetary policy outlook at a press conference following the FOMC's decision to hike the policy rate by 50 basis points in May.

Key quotes

"Disruptions to supply larger, longer-lasting than anticipated."

"Ukraine war likely to restrain economies abroad, create spillover to the US."

"We are acutely aware high inflation causes hardship."

"We are highly attentive to risks inflation causing to both sides of the mandate."

"Our policy has been adapting, will continue to do so."

"We think ongoing increases in interest rates will be appropriate."

"Reducing balance sheet will also play important role."

"We are on a path to move policy rate expeditiously to more normal levels."

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."

"*Note: On February 4, 2022, the Federal Reserve Board named Jerome H. Powell as Chair Pro Tempore, pending Senate confirmation to a second term as Chair of the Board of Governors."