Federal Reserve Chairman Jerome Powell holds a news conference to explain why they have decided to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% meeting and responds to questions.
Key quotes
“We’ve come far enough on policy that risks are now more two-sided.”
“Letting higher inflation expectations get embedded is a prescription for misery.”
“It’s clear that inflation expectations are in a good place.”
“The public believes that inflation will come down, that’s critical in winning the battle.”
“Wage increases have really come down significantly over the course of the last 18 months.”
“Wages are not principle driver of inflation so far.”
“In the future, it may be that labor market becomes more important for inflation.”
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.”
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