He Federal Reserve Chairman Jerome Powellappears at a press conference to explain why they have decided to keep the official interest rate, the federal funds rate, unchanged in the range of 5.25-5.5% at the September FOMC meeting.
Featured Statements
“As we get closer to the right policy direction, the risks become more bilateral.”
“The risk of over-tightening and under-tightening are equalizing, we need to find the path to the right level of tightening.”
“It looks like we’ve had a bit of a turnaround in inflation in June.”
“Energy prices are very important to consumers.”
“It all depends on how high energy prices stay.”
“If energy prices rise and stay high it will affect spending, it may affect inflation expectations.”
“We tend to look at short-term movements in energy prices.”
“The rise in long-term yields is not primarily due to inflation expectations, but rather growth, the supply of Treasuries.”
“Any decision on future rate cuts will have to do with what the economy needs“.
“We are not looking for a decrease in consumer spending.”
“It is good that the economy withstands rate increases.”
“If the economy is stronger than expected, it means that we will have to do more to lower inflation.“.
“The number one concern is restoring price stability.”
About Jerome Powell (via Federalreserve.gov)
“Jerome H. Powell first assumed the role of Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was re-elected to the position and sworn in for a second term. four years on May 23, 2022. Powell is also Chairman of the Federal Open Market Committee, the System’s main monetary policy body. Mr. Powell has been a member of the Board of Governors since his inauguration on May 25, 2022. May 2012, to fill an unexpired term. He was re-elected as a member of the Council and was sworn in on June 16, 2014, for a term that ends on January 31, 2028.”
Source: Fx Street
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