Powell speech: Pace of improvement has moderated

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

"FOMC today reaffirmed commitment to support the economy."

"Economy has continued to recover from depressed Q2 level."

"In recent months, the pace of improvement has moderated."

"Household spending on durable goods has been strong."

"Spending on services remain low."

"Housing sector has fully recovered."

"Business investment has picked up."

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.