Following the decision of the Federal Open Market Committee (FOMC) to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, has offered his comments on monetary policy.
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“The effects of the bottleneck have been longer-lasting than expected.”
“Inflation is still expected to return to the long-term target.”
“There are upside risks to inflation.”
“The bottlenecks and hiring difficulties could once again be greater, longer than anticipated.”
“Indicators of long-term inflation expectations remain consistent with the long-term inflation target.”
“The Fed would respond if inflation is still higher than expected.”
“Risk to the economic outlook persists.”
“The delta variant has slowed the economic recovery.”
“Continued advances in vaccines would support a return to more normal economic conditions.”
“The Fed discussed the appropriate pace of reducing the bond purchase program once the conditions to do so are met.”
“The reduction of stimuli could conclude in the middle of next year.”
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