Powell speech: Fed projections are not a plan or decision

FOMC Chairman Jerome Powell comments on the policy outlook after the Federal Reserve's decision to leave the policy rate unchanged at 5-5.25% following the June policy meeting.

Key quotes

"At this meeting, considering how far and fast we have moved, judged it prudent to hold rates steady."

"Fed projections are not a plan or decision."

"Will continue to make decisions meeting by meeting."

"Reducing inflation is likely to require below trend growth, some softening of labor conditions."

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."