Powell speech: Elections are not part of our thinking

He Federal Reserve Chairman Jerome Powellexplains the decision to keep the official interest rate unchanged in the range of 5.25-5.5% and answers questions at the press conference after the meeting.

Featured Statements

“We are comfortable that we will do what we believe is right when we believe it is right.”

“We will not take political events into account in our decisions“.

“The pending elections are not part of our thinking.”

“We have seen fairly consistent progress in slowing wage growth, but with bumps.”

“If wages are rising more than productivity would justify, that would drive inflation.”

“We have seen progress in salaries, but they are inconsistent, there is still a way to go.”

“Tight monetary policy is doing what it is supposed to do.”

“The reversal of supply and demand distortions and restrictive policy are lowering inflation; much progress has been made but there is still a long way to go.”

“Market rents are barely going up now.”

“Market rents take years to reach the rents of second-hand tenants.”

“So it takes some time, I'm confident this will be reflected in measured inflation if market rents remain low.”

“But we think it will take a lot longer than we thought.”

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 taking office on May 25. 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.”