Federal Reserve Chairman Jerome Powell gives a press briefing to explain why they have decided to keep the official interest rate, the federal funds rate, unchanged in the 5.25-5.5% range and answers questions .
“High inflation is painful for people.”
“The best thing we can do for the US is to fully restore price stability, with as little damage as possible.”
“We have been very gratified that we have made significant progress without a spike in unemployment.”
“I still believe, and colleagues do too, that we are likely to have to see slower growth, a softening of labor market conditions.”
“Advances on the supply side have helped a lot, but they will continue.”
“It is still very difficult to say the duration of the policy gaps.”
“We have to do politics under great uncertainty.”
“This is one of the reasons we have slowed down the process this year.”
“The slowdown is giving us a better idea of how much more we have to do, if any more.”
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
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.