Powell speech: Broad support on committee for timing and pace of taper

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

"Wouldn't put too much on inflation remaining above goal in Fed's current outlook."

"There is very broad support on committee for timing and pace of taper."

"There are some who would have preferred to go sooner due to financial stability concerns."

"Completing taper sometime around the middle of next year will be appropriate."

"Asset purchases still have a use but it is time to taper them."

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.