Powell speech: Will aim to achieve inflation moderately above 2% for some time

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

“Outlook for the economy is extraordinarily uncertain.”

“Full economic recovery is unlikely until people are confident it is safe to engage in activities.”

“Path forward also depends on policy actions taken by all parts of government.”

“Fed remains committed to using full range of tools to support the economy in this challenging time.”

“We view max employment as a broad-based and inclusive goal.”

“Fed does not see a high level of employment as a policy concern.”

“Fed will aim to achieve inflation moderately above 2% for some time.”

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.