Powell speech: We believe monetary policy is restrictive

FOMC Chairman Jerome Powell comments on the policy outlook and responds to questions from the press after the Federal Reserve's decision to raise the policy rate by 25 basis points to 5.25-5.5% following the July policy meeting.

Key quotes

"We haven't made a decision to go every other meeting."

"We haven't made any decisions about any future meetings."

"The inter-meeting data came in broadly in line with expectations."

"June CPI was welcome but was only one month's report."

"Will be looking at the whole broader picture, looking for moderate growth."

"If data suggests more hikes are needed, that is the judgment we'll make."

"We believe monetary policy is restrictive."

"We have 8 weeks to September and looking at all the data until then."

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."