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
“‘Dot plot is a picture in time of appropriate policy in light of policymakers’ personal views.”
“Efficacy of dot plot decays during inter-meeting period.”
“We try to be transparent in our thinking.”
“As we approach the next meeting, we’ll be talking about how we’re parsing the data.”
“We are seeing elevated potential growth.”
“We are going to look at full range of economic data including financial conditions.”
“We have come very far with this rate-hike cycle.”
“We are close to the end of the cycle.”
“We are not considering changing the pace of balance sheet runoff.”
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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