Powell speech: We are not thinking or talking about rate cuts

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 are going to be looking at broad picture in assessing rate hikes.”

“We look at labor market, economic growth, financial conditions.”

“If we reach a judgment we need to tighten, we will.”

“We are not thinking or talking about rate cuts.”

“We are focused on if we are sufficiently restrictive.”

“The next question will be how long to keep policy restrictive.”

“The question we are asking is, should we hike more.”

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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