Powell speech: Fed is close to issuing new term sheet on Main Street facility

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

"Policy stance and pace of asset purchases appropriate for now."

"Waiting to see more from economy before changing policy given the many paths the economy might take."

"Fed acts according to lending powers set by Congress."

"Fed cannot make grants, by law cannot lend to insolvent firms."

"Corporate credit facilities are near being finalized and will operate soon."

"Fed is close to issuing new term sheet on main street facility in response to public comments received."

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."