Powell speech: We don't need to get all the way to our goals to taper

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

"We think of bottlenecks in their nature are things that will be resolved."

"Bottlenecks in supply chains that increase prices do not call for a change in Fed policy."

"It's hard to predict how long they will linger."

"We got one good employment reading in March; we'd want to see more like that."

"We are a long way from our goals."

"We don't need to get all the way to our goals to taper."

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.