Powell speech: Growth next year expected to be higher than potential

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

"For next year, looking at an economy that will not have the same degree of fiscal support."

"Growth next year still expected to be higher than potential."

"Projections for next year still represent a really good year."

"2022 expected to be a really good year with growth causing significant job creation."

"There is a risk that inflation will be higher than we think."

"Underlying forces that have weighed on inflation for a quarter-century are in tact."

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.