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.
“Will not lose sight of the millions still out of work.”
“Overall economic activity remains well below pre-pandemic levels and path remains uncertain.”
“Pandemic has left a significant imprint on inflation.”
“Weaker demand in sectors affected by the pandemic has held down consumer prices and inflation is running below Fed’s objective.”
“Despite higher prices for some consumer goods, overall inflation remains subdued.”
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.