Powell speech: Rate cuts this year will not be appropriate

FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to leave the policy rate unchanged at 5-5.25% following the June policy meeting.

Key quotes

"I continue to think there is a path to 2% inflation without large losses of employment."

"A strong labor market that gradually cools could aid a soft landing."

"FOMC is completely unified on need to get to 2% inflation, will do whatever it takes to do that."

"Getting price stability back and restored will benefit generations."

"To maintain real rates as inflation comes down, will need to lower nominal rate in future."

"It will be appropriate to cut rates when inflation comes down."

"Not a single person wrote down a rate cut this year."

"Rate cuts this year will not be appropriate."

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."