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Saturday, August 15, 2020

FOMC focused on possible enhancements to longer-run goals

Following the Federal Open Market Committee’s (FOMC) decision to keep the policy rate unchanged within the prospective 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

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“Preserving the flow of credit is essential for mitigating damage to the US economy.”

“The current economic downturn is severe; will take continued fiscal and monetary support to recover.”

“At this meeting, FOMC focused on possible enhancements to longer-run goals.”

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“FOMC will ramp up its deliberations on framework review in the near future.”

About Jerome Powell (via Federalreserve.gov)

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.

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