Powell speech: Difficult to tell when inflation will move down

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

"Still a ways away from considering raising interest rates."

"Inflation overshoot can still be tied to a handful of categories."

"In the near term, risks to inflation to the upside."

"Have confidence inflation will move back down in the medium term."

"Difficult to tell when inflation will move down, the fed will act if it persistently, materially remains above goal."

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.