Powell speech: Very important the debt ceiling be raised in a timely fashion

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

"It's very important the debt ceiling be raised in a timely fashion."

"Failure to do that is something that could result in severe damage to the economy."

"We can all agree the United States should not default on its obligations."

"No one should assume the Fed can fully protect the markets or the economy in the event of a default."

"Fed is very closely monitoring Wells Fargo's efforts to fix it problems; will take appropriate actions if it fails to do so."

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.