Powell speech: Near term discussion will be about path of asset purchases

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

"Rate increases are not at all the focus of the committee right now."

"Liftoff is well into the future; we are very far from max employment."

"Near term discussion that will begin is about the path of asset purchases."

"At future meetings, we will continue to think about our progress."

"Our attention for this process is orderly, methodical, and transparent."

"We will give advance notice before announcing a decision to taper."

"I have nothing further on time, we have to see more data."

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.