Powell speech: Would have to see significant, persistent move up in inflation to hike rates

Following the Federal Open Market Committee's (FOMC) decision to keep the federal funds unchanged within the target rate of 1.5% - 1.75%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press.

Key quotes (via Reuters)

"The underlying level of reserves moves up, there may come a time when it is appropriate for fewer repo operations."

"In order for Fed to move rates up, would have to see significant, persistent move up in inflation. That's my personal view."

"A number of FOMC participants wrote down in forecasts an overshoot of inflation as part of the appropriate policy."

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."