Powell speech: Inflation likely to remain elevated in coming months before moderating

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

"In some industries, near term supply constraints are restraining activity."

"Fed still sees rapid economic growth despite revisions."

"Demand for labor is very strong."

"Unemployment rate overstates employment shortfall."

"Ongoing fears of virus weighing on employment growth but should diminish with time."

"Inflation likely to remain elevated in coming months before moderating."

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.