Powell speech: Markets are trying to price something that is unknowable

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 responding to questions from the press.

Key quotes

"As long as inflation expectations remain anchored the US should not see deflation."

"If low energy prices push headline inflation negative we hope people would see through that."

"Not focused on level of asset prices but on market functioning."

"Markets are trying to price something that is unknowable as they evaluate the pandemic."

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."