Powell's speech: Fed will slow corporate-bond buying program if market function improves

Jerome Powell, Chairman of the Federal Reserve System, is delivering the semiannual monetary policy report and testifying before the Senate Banking Committee.

Key quotes

"May jobs report was maybe the biggest data surprise that anyone can remember."

"There is a long road ahead to get people back to work."

"There is a broad expectation that lots of people will come back to work during the summer."

"People in service industries will find it harder to get back to work."

"A lot of people who will struggle to find work will need more support."

"The Fed feels it needs to follow through and do what it said it was going to do regarding broad-based corporate bond-buying program."

"If market function continues to improve, then the Fed will slow its corporate bond-buying program

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.