Powell speech: Possible millions of people will need further economic support

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

"PPP, stimulus checks, unemployment insurance programs and the Fed's actions have mitigated economic harm."

"It's possible millions of people will need further economic support."

"Fed has yet to fully understand if May monthly jobs report is a harbinger for future due to ongoing uncertainty."

"It is self-evident that if there is a second wave of coronavirus, it could hurt the economic recovery."

"A second wave would hurt industries that are already likely to be slow to recover."

"Evidence of May's jobs report is that labor market may have hit bottom last month."

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."