Powell speech: We think lasting economic damage can be avoided

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

"Didn't change longer-run growth rate as we think lasting economic damage can be avoided."

"It is way too early to change Fed's longer-run estimates, hopeful he won't have to change his."

"There have been gains in market function due to the Fed's actions, although not back to February levels."

"The Fed does not take those market functioning gains for granted."

"The Fed is now in the final run-up to launching the Main Street lending program."

"Main Street program's final stages before launch will now happen quickly."

"The Fed remains very willing to adapt the Main Street program in the future."

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."