Federal Reserve Chairman Jerome Powell holds a news conference to explain why they have decided to leave the policy rate, federal funds rate, unchanged at the range of 5.25-5.5% meeting and responds to questions.
Key quotes
"We are attentive to increase in longer term yields, it can have implications on monetary policy."
"Tighter financial conditions from higher long term rates, stronger dollar, lower stocks could matter for future rate conditions."
"Longer term higher rates can't be a reflection of higher policy rates from us."
"It does not appear that an expectation of higher Fed policy rates is causing higher longer-term rates."
"We aren't confident financial conditions are restrictive enough."
"We have not made any decisions on future meetings."
About Jerome Powell (via Federalreserve.gov)
"Jerome H. Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. He was reappointed to the office and sworn in for a second four-year term on May 23, 2022. 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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