Powell speech: Fed projections are not a plan, policy will adjust as appropriate
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% at September FOMC meeting and responds to questions.
"Inflation has moderated somewhat, expectations appear well-anchored."
"Process of getting inflation down to 2% has long way to go."
"Acutely aware that inflation imposes significant hardship."
"Current stance of policy is restrictive."
"We are committed to achieving and sustaining sufficiently restrictive policy to bring inflation down to 2% over time."
"Nominal wage growth has shown some signs of easing."
"Fed projections are not a plan, policy will adjust as appropriate."
"Will continue making decisions meeting by meeting."
"We are in a position to proceed carefully."
"Prepared to raise rates further if appropriate."
"Will keep rates restrictive until confident inflation moving down to 2%."
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."