Powell speech: New guidance on purchases is a powerful message

Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is delivering his comments on the policy outlook.

Key quotes

"Interest rate and balance sheet tools providing powerful support to the economy, will continue to do so."

"Current economic downturn is the most severe of our lifetimes."

"May take continued support from both fiscal, monetary policy for recovery."

"Not going to identify substantial progress with specific numbers."

"New guidance on purchases is a powerful message."

"Increasing asset purchases is adding accommodation."

"Will give guidance well in advance of any decision to actually taper."

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. 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.