Powell speech: We will respond to shortfalls in unemployment

FOMC Chairman Jerome Powell is testifying before the House Select Subcommittee on the Coronavirus Crisis on the Fed's response to the coronavirus pandemic.

Key quotes

"We can contribute to addressing disparities through our tools but requires congress to make more progress."

"We will not raise interest rates because we think employment is too high."

"We will respond to shortfalls in unemployment."

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.